v * E X MOMBATTED . O Bb TA G G O TA GA : DO ED * * * + X C drive.google.com/file/d/1TXhiq9U22sUqkVcqGJd5vXtWS40WD17F/view Finish update : PDF 720-24 A11.pdf Open with ... 2 Share Assignment 11 - International Trade 1. Income elasticities (a) Look at the following figure, from FRED, showing the growth in "real" (inflation- adjusted) growth in US GDP and imports. Based on this figure, what would your rough guess be about the income elasticity of US imports? (Round off to the nearest 0.5.) FRED . Real imports of goods and services (left), Real Gross Domestic Product (bottom), 1947 2019 25 20 15 10 Percent Change from Year Ago 5 0 10 15 - 2 Percent Change from Year Ago (b) As of early 2024, US imports were 14 percent of GDP. Suppose that "real" GDP growth over the next year is 2.5 percent. Based on the value you just estimated, what would you expect imports to be at the end of the year, as a percent of GDP? Page 1 / 2 (c) Now also suppose that the income elasticity of t f the world for US exports is 15 (Le for each additional point of real GDP growth in the rest of the world Type here to search w 200m X R 10:05 PM 5/12/2024Qo@aoMBA