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Chapter 23: Q. 5 (page 575)

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

30.1%

Step by step solution

01

Step1. Introduction

The export ratio is a ratio of exports of goods and services as a percentage of gross domestic product.

02

Step2. Explanation

Export ratio refers to the ratio of Exports to GDP, i.e. Exports divided by GDP. It can be calculated as followed:

Exportratiois=Export/GDP=542/1800=30.1%

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