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Chapter 23: Q. 16 (page 576)

Both the United States and global economies are booming. Will U.S. imports and/or exports increase?

Short Answer

Expert verified

U.S. imports will increase.

Step by step solution

01

Step 1. Given

It is given that both the United States and global economies are booming.

02

Step 2. Explanation

Import sales will rise as a result of a booming economy, which will raise overall demand for goods. If our trade partners' economies are doing well, they will purchase more of our products, resulting in a rise in US exports.

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If imports exceed exports, is it a trade deficit or a

trade surplus? What about if exports exceed imports?

In what way does comparing a country鈥檚 exports to GDP reflect its degree of globalization?

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Using the national savings and investment identity, explain how each of the following changes (ceteris paribus) will increase or decrease the trade balance:

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