2. Factors that influence international trade In the 1950s, imports and exports

Question

2. Factors that influence international trade In the 1950s, imports and exports of good approximately 12% of GDP, while imports have more than tripled to over 15% of GDP. s and services constituted roughly 4% to 5% of U.S. GDP. In recent years, exports have accounted for Which of the following help to explain the increase in international trade and finance since the 1950s? Check all that apply. The widespread use of the Internet to conduct business Higher tariffs An increasing number of affordable international flights International trade agreements such as the General Agreement on Tariffs and Trade (GATT) Copyright Notices Terms of Use Privacy Notice Security Notice MacBook Pro

Explanation / Answer

The right options are option 1,3 and 4.

Explanation: Wide use of the Internet, availability of cheaper and more flights and trade agreements all have contributed to the expansion of international trade all over the world. These have increased the volume of trade and made the world more connected. As a result, the total volume of the import and export of the USA have increased. So, options 1,3 and 4 apply.

The high tariff does not increase trade volume as high tariffs increase trade barrier.

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