Problem 12-03 The table below shows data on U.S. exports and imports of goods and services for...

Problem 12-03

The table below shows data on U.S. exports and imports of goods and services for five years. For each of these years, indicate whether the United States was running a trade surplus or deficit, answer with the dollar amount of the surplus or deficit, and calculate the ratio as a percent of the surplus or deficit to U.S. exports.

Instructions: In the event a deficit, do NOT include a negative sign (-) for either the dollar amount or the ratio (...% of exports). Enter your responses rounded to one decimal.

Learning Objective: Discuss the broad issues that macroeconomists study and the types of data they use and interpret.