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- QUESTION 11 A deficit on the current account of a country's balance of payments can be financed by a surplus: of exports over imports. of net gold exports. on the financial account. on the trade balance.(a) Analyze the effects of imports on the domestic price and quantity, and the gains and losses of consumers and producers. (b) Analyze the effects of exports on the domestic price and quantity, and the gains and losses of consumers and producers.What determines the size of a countrys trade deficit?
- If imports exceed exports, is it a trade deficit or a trade surplus? What about if exports exceed imports?Some economists warn that the persistent trade deficits and a negative current account balance that the United States has run will be a problem in the long run. Do you agree or not? Explain your answer.What are the major issues with regard to trade imbalances for low- and middle-income countries?
- What is the difference between trade deficits and balance of trade?A government official announces a new policy. The country wishes to eliminate its trade deficit, but will strongly encourage financial investment from foreign firms. Explain why such a statement is contradictory.When is a trade deficit likely to work out well for an economy? When is it likely to work out poorly?
- Sketch a diagram of how a budget deficit causes a trade deficit. (Hint: Begin with what will happen to the exchange rate when foreigners demand more U.S. government debt.)Will nations that are more involved in foreign trade tend to have higher trade imbalances, lower trade imbalances, or is the pattern unpredictable?1. 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 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 and 1985, the ______ (surplus/deficit) _______(grew/shrank/remained the same) in dollar terms and ______ (grew/shrank/remained the same) as a percentage of GDP. Grade It Now Save & Continue
