If the trade-to-GDP ratio is 25% and the overall value of trade (imports plus exports) is $175 billion, then the GDP is:

Name: If the trade-to-GDP ratio is 25% and the overall value of trade (imports plus exports) is $175 billion, then the GDP is:
Brand: Quizplus
Rating: 4.9 (58 reviews)

Question

Quizplus · Accepted Answer

If the trade-to-GDP ratio is 25%, it means that the value of the trade is 25% of the GDP. Thus, we can use the following formula to find the GDP:
GDP = (Value of trade) / (Trade-to-GDP ratio)
GDP = $175 billion / 0.25
GDP = $700 billion

If the Trade-To-GDP Ratio Is 25% and the Overall Value