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Chapter 19: Problem 15

Our trade deficit with China in 2012 was a) under \( 100\) billion b) between \( 100\) billion and \(\$ 200\) billion c) between \( 200\) billion and \(\$ 300\) billion d) over \( 300\) billion

Short Answer

Expert verified
The trade deficit between the US and China in 2012 was c) between $ 200$ billion and $ \$ 300$ billion.

Step by step solution

01

Understand the Question

In the given exercise, you are asked to recall the amount of the trade deficit between the US and China in the year 2012. The options given are varying ranges of amount, in billions of dollars. It's important to know that a trade deficit is an economic measure of a negative balance of trade, in which a country's imports exceed its exports. Therefore, in this exercise, you are attempting to recall how much more the US imported from China than it exported to China in the year 2012.
02

Recall and Apply Knowledge

Given that this is a comprehension and recall question based on historical data, the next step would be to recall or look up the trade deficit record for 2012. Reliable sources might include textbooks, history books, or reputable internet sources. Ensure that the gathered information is accurate before proceeding to the next step.
03

Match the Correct Option

After obtaining the information, match it with the correct range given in the exercise. The answer could be: a) under \$100 billion, b) between \$100 billion and \$200 billion, c) between \$200 billion and \$300 billion, or d) over \$300 billion, depending on the amount of the trade deficit that year. Make sure to understand how to read numbers in the billions and how numerical ranges are represented in order to correctly match this information. Note: As this exercise requires factual data that can change from source to source and is retrospection in nature, an absolute numeric solution can't be provided.

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Most popular questions from this chapter

Which statement is false? a) No nation will engage in trade with another nation unless it will gain by that trade. b) The terms of trade will fall somewhere between the domestic exchange equations of the two trading nations. c) Most economists advocate free trade. d) None of the above.

Which statement is the most accurate? a) Globalization has made some people winners and others losers. b) Globalization has been good for everyone involved. c) Globalization has been bad for everyone involved. d) Virtually all economists believeå that globalization has almost no downside.

Which statement is true about how globalization has affected American workers? a) The only jobs that have been lost or will be lost are blue-collar factory jobs. b) Most workers who have lost their jobs because of globalization have ended up in better paying jobs. c) Until now a relatively high proportion of Americans performed high-skill, well-paying jobs, while a relatively high proportion of Chinese performed low-skill, poorly paying jobs. d) Globalization cannot be considered a threat to the livelihoods of highly skilled, well-paid American workers.

Which statement is true? a) Comparative advantage is not necessary for trade to take place, but absolute advantage is. b) Absolute advantage is not necessary for trade to take place, but comparative advantage is. c) Both absolute and comparative advantage are necessary for trade to take place. d) Neither absolute nor comparative advantage is necessary for trade to take place.

Which country regularly counterfeits American goods and services, a practice that costs American industry over \( 200\) billion a year? a) Mexico c) China b) Canada d) Japan
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