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

Question:

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.

Year U.X. Exports (billions of dollars) U.S. Imports (billions of dollars) Surplus or deficit Amount of surplus/deficit (billions of dollars) Surplus or deficit as a percent of exports
1985 382.8 558.4 _____ $_____ _____% 1995 911.5 1,012.5 _____$_____ _____%
2007 1,646.4 2,359.0 _____ $_____ _____% 2009 1,587.7 1,932.2 _____$_____ _____%
2014 2,086.4 2,528.9 _____ \$_____ _____%

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

Macroeconomics

The study of economics is divided into two branches: Microeconomics and Macroeconomics. Macroeconomics deals with the study of economic variables like the unemployment rate, inflation rate, interest rate, and GDP growth rate.

Answer and Explanation: 1

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The formula for the above table:

{eq}\begin{align*} {\rm{Surplus}}/{\rm{deficit}} &= {\rm{Exports}} -...

See full answer below.

Learn more about this topic:

What is Macroeconomics? - Definition & Principles

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Chapter 4 / Lesson 9
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Understand the definition of macroeconomics and what macroeconomics focuses on. Learn the principles of macroeconomics, including economic output, economic growth, unemployment, inflation and deflation, and investment.