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Chapter 23: Problem 5

At one point Canada's GDP was \(\$ 1,800\) billion and its exports were \(\$ 542\) billion. What was Canada's export ratio at this time?

Short Answer

Expert verified
Canada's export ratio at this time was approximately 30.11%.

Step by step solution

01

Write down the given values

We are given Canada's GDP and its exports: - GDP: \(1,800\) billion - Exports: \(542\) billion
02

Calculate the export ratio

To find the export ratio, we need to divide the exports by the GDP, and then multiply the result by 100 to get the percentage: Export Ratio = \(\frac{Exports}{GDP} \times 100\)
03

Substitute the given values

We can now insert the given values of GDP and exports into our formula: Export Ratio = \(\frac{542}{1,800} \times 100\)
04

Calculate the export ratio

Divide the exports by the GDP and multiply by 100: Export Ratio = \(\frac{542}{1,800} \times 100 \approx 30.11\) So, Canada's export ratio at this time was approximately 30.11%.

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Most popular questions from this chapter

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

What three factors will determine whether a nation has a higher or lower share of trade relative to its GDP?

Imagine that the economy of Germany finds itself in the following situation: the government budget has a surplus of \(1 \%\) of Germany's GDP; private savings is 20\% of GDP; and physical investment is 18\% of GDP. a. Based on the national saving and investment identity, what is the current account balance? b. If the government budget surplus falls to zero, how will this affect the current account balance?

If foreign investors buy more U.S. stocks and bonds, how would that show up in the current account balance?

If a country is running a government budget surplus, why is ( \(\mathrm{T}-\mathrm{G}\) ) on the left side of the saving-investment identity?
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