A Shrinking Nonoil Trade Gap? Really?

I’m going to talk about Friday’s GDP report. But first, two  questions to test your knowledge of the last ten years of U.S. economic history .  

1. According to the official statistics, the share of non-oil goods imports in the U.S. economy is   ______ today than it was in 2000.

a. Higher

b. Lower

 

2. Over the past ten years real GDP has increased 18%, according to the BEA. Over the same period, the real trade deficit in goods, ex imported oil, has increased by how much, according to the official statistics?

a. 5%

b. 18%

c. 30%

 Write down your answers, and don’t peek at the data! (you can tell that I’ve been hard at work revising my economics textbook)

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