Using the attached trade profile, what are total exports of goods and services for Italy rounded to the nearest million? Italy's GDP was approximately $2T in 2019

Economics Dec 17, 2020

Using the attached trade profile, what are total exports of goods and services for Italy rounded to the nearest million? Italy's GDP was approximately $2T in 2019. Calculate an openness measure (as specified in your textbook) for Italy rounded to the nearest hundredth. (Be sure to pay attention to the units).

Expert Solution

Based on 2019 data, Italy has total imports of 473billion dollars and exports of 532 billion dollars.

Opennees measure is nothing but sum total of exports and imports divided by total GDP of nation. = 473+532/2000= 1005/2000= 0.5025

Thus ratio bring less than 1 shows thatItaly is less exposed to international trade.

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