The following table shows the approximate value of exports and imports for the United States from 1983 through 1987.

Imports, exports, and the trade balance

Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GOP. If necessary, round your answers to the nearest hundredth.

Between 1984 and 1985, the _______ _______ In dollar terms and _______ as a percentage of GOR.

Expert Solution

Year	GDP	Exports	Imports	Exports - Imports	% of GDP
1,983	3,535.0	277.0	328.6	-51.6	-1.46%
1,984	3,931.0	302.4	405.1	-102.7	-2.61%
1,985	4,218.0	302.0	417.2	-115.2	-2.73%
1,986	4,460.0	320.3	452.9	-132.6	-2.97%
1,987	4,736.0	363.8	508.7	-144.9	-3.06%

Rahul Sunny answered 2 years ago

The following table shows the approximate value of exports and imports for the United States from 1983 through 1987.

Imports, exports, and the trade balance The following table shows the approximate value of exports and imports for the United States from 1983 through 1987. Complete the table by calculating the surplus or deficit both in absolute (dollar) terms and as a percentage of GDP. If necessary, round your answers to the nearest hundredth. Source: "Income, Expenditures, Poverty, & Wealth: Gross Domestic Product (GDP)," United States Census Bureau, United States Department of Commerce, last modified September 2011, accessed June 10, 2013, https://www.census.gov/library/publications/2011/compendia/statab/131ed/income-expenditures-poverty-wealth.html. Between 1984...

The following table shows the approximate numbers of school goers in the United States (residents who...

The following table shows the approximate numbers of school goers in the United States (residents who attended some educational institution) in 1998, broken down by age group. Age 3−6.9 7−12.9 13−16.9 17−22.9 23−26.9 27−42.9 Population (millions) 8 22 15 13 3 5 Use the rounded midpoints of the given measurement classes to compute the probability P distribution of the age X of a school goer. (Round probabilities to four decimal places.) Age 5 10 15 20 25 35 P(X =...

If the United States imports more goods from abroad than it exports, then foreigners will tend...

If the United States imports more goods from abroad than it exports, then foreigners will tend to have a surplus of US dollars. What will this do to the value of the dollar with respect to foreign currencies? What is the corresponding effect on foreign investments in the United States?

What happened with the United States Imports/Exports during the Great Recession?

A free trade equilibrium exists in which the United States exports machinery and imports clothing from...

A free trade equilibrium exists in which the United States exports machinery and imports clothing from the rest of the world. The goods are produced with two factors: capital and labor. An increase now occurs in the U.S. endowment of capital, its abundant factor. A. What is the effect on the shape and position of the U.S. production possibility curve? B. What is the effect on the actual production quantities in the United States if the commodity price ratio is...

A company in the United States, imports and exports equipment. The company uses a perpetual inventory...

A company in the United States, imports and exports equipment. The company uses a perpetual inventory system. During May the company entered into the following transactions. All rate quotations are direct exchange rates. May 2 Purchased power tools from a wholesaler in Japan, on account, at an invoice cost of 1,600,000 yen. On this date the exchange rate for the yen was $.0072. 4 Sold hand tools on credit that were manufactured in the U.S. to a retail outlet located...

The following table shows the approximate number of males of Hispanic origin employed in the United...

The following table shows the approximate number of males of Hispanic origin employed in the United States in a certain year, broken down by age group. Age 15-24.9 25-54.9 55-64.9 Employment (thousands) 29,000 17,000 3,700 (a) Use the rounded midpoints of the given measurement classes to compute the expected value and the standard deviation of the age X of a male Hispanic worker in the United States. (Round all probabilities and intermediate calculations to two decimal places.) expected value yrs...

The United States imports cheese from a variety of countries. The table gives the domestic supply of, and demand for, cheese in the United States.

Price (dollars per pound)Quantity supplied (thousands of pounds per year)Quantity demanded (thousands of pounds per year)21120601810010015801401260180940220The United States imports cheese from a variety of countries. The table gives the domestic supply of, and demand for, cheese in the United States. The world price of cheese is $12 per pound, and trade is unrestricted.a. How many pounds of cheese are consumed in the U.S?b. How many pounds of cheese are produced in the U.S?c. How many pounds of cheese are imported...

Use the information in the following table, and information given on imports and exports, to determine...

Use the information in the following table, and information given on imports and exports, to determine the level of unplanned inventory at each level of real GDP. Employment, Output, Consumption, and Unplanned Inventory Possible Levels of Employment Real GDP (Output) Equals Disposable Income Consumption Investment Unplanned Inventory (Millions of workers) (Billions of dollars) (Billions of dollars) (Billions of dollars) (Billions of dollars) 40 325 300 150 45 375 325 150 50 425 350 150 55 475 375 150 60 525...

What were the United States' main imports and exports during the 1990s? What trade barriers were...

What were the United States' main imports and exports during the 1990s? What trade barriers were in place during that decade? What are the pros and cons of the trade barriers used?

Question

The following table shows the approximate value of exports and imports for the United States from 1983 through 1987.

Solutions

Expert Solution

Related Solutions

The following table shows the approximate value of exports and imports for the United States from 1983 through 1987.

The following table shows the approximate numbers of school goers in the United States (residents who...

If the United States imports more goods from abroad than it exports, then foreigners will tend...

What happened with the United States Imports/Exports during the Great Recession?

A free trade equilibrium exists in which the United States exports machinery and imports clothing from...

A company in the United States, imports and exports equipment. The company uses a perpetual inventory...

The following table shows the approximate number of males of Hispanic origin employed in the United...

The United States imports cheese from a variety of countries. The table gives the domestic supply of, and demand for, cheese in the United States.

Use the information in the following table, and information given on imports and exports, to determine...

What were the United States' main imports and exports during the 1990s? What trade barriers were...