Thanks World trade has grown substantially in the last 60 years. For example, wh

Question

Thanks

World trade has grown substantially in the last 60 years. For example, while world output grew at an annual rate of 3.8% per year between 1950 and 2003, world exports grew at 10.8% per year over the same time period. Which of the following help to explain the increase in international trade and finance since the 1950s? Check all that apply. A shift toward trading lighter, more easily transported goods International trade agreements such as the General Agreement on Tariffs and Trade (GATT) Higher tariffs Services such as web conferencing and teleconferencing that facilitate international meetings

Explanation / Answer

Out of the given options, two options - International trade agreements such as the General Agreement on Tariffs and Trade (GATT) and services such as Web confrencing and tele confrencing that facilitates international meetings - has resulted in increase in international trade and finance since the 1950s.

International trade agreements such as the General Agreement on Tariffs and Trade (GATT) has resulted in dismantling of tariff barriers and promotion of free trade. This has induced countries to undertake production of those goods in which they have comparative advantage and engage in international trade leading to rapid expansion of international trade.

Services such as Web Confrencing and Tele confrencing that faciltates international meetings had played a crucial role in bringing traders of different countries in contact with each other in quicker and least cost way. This has facilitated trade exchanges in faster manner resulting in expansion of international trade.

Hence, the correct answers are option (2) and (4).

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.