If Country A and Country B have the same population size, then the standard of living in these two countries can still be different depending on:Multiple Choicetheir respective political systems.their respective inflation rates.their relative geographic size.the relative sizes of total output. The table below shows historical 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, and dollar amount of the surplus or deficit, and calculate theratio 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). Enteryour responses rounded to one decimal place.Year1234LO5U.S. Exports(billions ofdollars)33.635.545.441.427.3U.S. Imports(billions ofdollars)40.042.043.052.948.0Surplus ordeficitDeficitDeficitSurplusDeficitDeficit▶›▶Amount ofsurplus/deficit Surplus/ deficit as(billions of dollars) a percent of exports$6.4196.5182.411.520.7$$052876x %x %x %x %

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If Country A and Country B have the same population size, then the standard of living in these two countries can still be different depending on: Multiple Choice their respective political systems. their respective inflation rates. their relative geographic size. the relative sizes of total output.

If Country A and Country B have the same population size, then the standard of living in these two countries can still be different depending on: Multiple Choice their respective political systems. their respective inflation rates. their relative geographic size. the relative sizes of total output.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If Country A and Country B have the same population size, then the standard of living in these two countries can still be different depending on:
Multiple Choice
their respective political systems.
their respective inflation rates.
their relative geographic size.
the relative sizes of total output.

The table below shows historical 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, and 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 place.
Year
1
2
3
4
LO
5
U.S. Exports
(billions of
dollars)
33.6
35.5
45.4
41.4
27.3
U.S. Imports
(billions of
dollars)
40.0
42.0
43.0
52.9
48.0
Surplus or
deficit
Deficit
Deficit
Surplus
Deficit
Deficit
▶
›
▶
Amount of
surplus/deficit Surplus/ deficit as
(billions of dollars) a percent of exports
$
6.4
19
6.5
18
2.4
11.5
20.7
$
$
05
28
76
x %
x %
x %
x %

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