Question

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 helps to explain the increase in international trade and finance since the 1950s?Check all that apply.

a) An increasing number of import quotas
b) Better high-speed rail lines
c) Improvements in telecommunications
d) International trade agreements such as the General Agreement on Tariffs and Trade (GATT)

Answer 1

a) An increasing number of import quotas

b) Better high-speed rail lines

c) Improvements in telecommunications

d) International trade agreements such as the General Agreement on Tariffs and Trade (GATT)

Step-by-step explanation:

All of the above applies as in order to increase the international trade.

As with the increase in quotas there is a pressure to increase the imports. Further when there is easy chain of supply even in the international market that is railway facility is smooth and that the telecommunications is also easy.

Further, with increased trade agreements there is provision of reduced tariffs and taxes and accordingly the international exchange is not complicated and is rather smooth.