The value of U.S. exports and imports.

Question

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Answer 1

Question

Chapter 7, Problem 7.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

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Answer 2

Question

Chapter 7, Problem 7.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

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Answer 3

Question

Chapter 7, Problem 7.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 7, Problem 7.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 7, Problem 7.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

Answer 6

Chapter 7, Problem 7.1.1RQ

To determine

The value of U.S. exports and imports.

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.

Economics Concept Introduction

Concept Introduction:

Import: It refers to goods and services bought domestically but produced in other countries.

Export: It refers to goods and services produced domestically and sold to other countries.

GDP (Gross Domestic Product): GDP refers to the market value of all final goods and services produced in an economy during an accounting year.

Answer 7

Chapter 7, Problem 7.1.1RQ

To determine

The value of U.S. exports and imports.

Answer 8

Expert Solution & Answer

Explanation of Solution

The value of goods and services is seen as a percentage of total production, that is, the GDP. Typically, since 1980, the value of U.S. exports has been smaller than the value of U.S. imports. For instance, in 2014, the U.S. exports were about 13 percent of GDP while the imports were about 17 percent of GDP.

Since 1970, except for the period of recession (2007-2009), both exports and imports have been steadily rising as a fraction of U.S. GDP. In 1970, both imports and exports were less than 6 percent of the U.S. GDP. In 2014, the imports were about 17 percent of the U.S. GDP whereas the exports were about 13 percent of the U.S. GDP. The imports and exports (even though they are smaller fraction of GDP), they are greater than they were 40 years ago.