Final answer:
The claim that world trade has grown about 10% per year since 1950 is false; the actual growth rates are approximately 4% and 6% for trade volume and value, respectively.
Step-by-step explanation:
The statement that world trade has grown about 10 percent per year since 1950 is false. In reality, since the start of the period referred to, the volume and value of world trade have expanded by 4 percent and 6 percent, respectively. Considering a global economy that produces more than $30 trillion of goods and services each year, the growth of world trade is a significant factor. However, it is essential to note that the overall increase is less than 1% annually. It is also important to remember that trade is a vital component of our global economy, with exports comprising a significant portion of world GDP, reaching around 24% by 2014.