Final answer:
A nation's trade relative to GDP is influenced by its economic size, geographic location, and history of trade. Larger economies tend to trade less relative to GDP, while countries with close neighbors or a tradition of trade have higher shares.
Step-by-step explanation:
The three factors that will determine whether a nation has a higher or lower share of trade relative to its GDP are the size of its economy, its geographic location, and its history of trade. Large economies such as the United States may have a lower share of trade relative to GDP as they can conduct much of their trading internally. On the other hand, smaller economies like Sweden might have a higher share due to insufficient internal resources and thus a greater reliance on international trade. Furthermore, nations in close proximity often have higher levels of trade due to lower transportation and communication costs. Lastly, countries with a longstanding tradition of trade are more likely to have higher shares of international trade.