Question

At one point Canada’s GDP was $\backslash (1,800$billion and its exports were $\backslash )542$billion. What was Canada’s export ratio

at this time?

Short answer

Canada's export ratio at that time is$30.1\%$.

Step-by-step solution

Step 1. Meaning of export ratio.

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

Step 2. Calculation of export ratio.

GDP$=\$1,800$billion.

Exports $=\$542$billion.

The export ratio is,

$$\begin{gathered} (\frac{export}{GDP}\times 100)\% \\ =(\frac{542}{1,800}\times 100)\% \\ =(0.301\times 100)\% \\ =30.1\% \end{gathered}$$