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

Question

3. Factors that influence international trade In the 1950s, imports and exports of goods and services constituted roughly 4% to 5% of U.S. GDP. In recent years, exports have accounted for approximately 12% of GDP, while imports have more than tripled to over 15% of GDP. Which of the following help to explain the increase in international trade and finance since the 1950s? Check all that apply International trade agreements such as the General Agreement on Tariffs and Trade (GATT) Higher tariffs Better high-speed rail lines Services such as web conferencing and teleconferencing that facilitate international meetings

Explanation / Answer

3. 1. International trade agreements

2. Better High Speed Train Lines

3 Services such as webconferences and tele conferences

These three applies as they help in the smoothening of international trade while higher tariff by increasing price reduces trade.

2.

Imports 30*$40 = $1200

Exports 100*$45 = $4500

Domestic Spending $1100

Net Exports $3300

GDP $4,400

Here Imports is Dmitri liquor purchase from dutch firm

  Exports is U.S firm selliing textbooks to canadian firm

Domestic spending is buying computer by Jake

Net Exports = Exports - Imports

GDP = Domestic Spending + Net Exports

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