ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Transcribed Image Text: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.
Transcribed Image Text: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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