Global Trade, One of the major consequences of economic globalization is an increase in trade among nations. The figures below show imports and exports for four of the world's largest economies. 1960–2009 2.5 1.6 1.4 2.0 1.2 1.0 1.5 0.8 1.0 0.6 0.4 0.5 0.2 星 U.S. Germany U.S. Germany China Japan China Japan FIGURE 31.3 FIGURE 31.4 Imports, 1960-2009 Exports, 1960-2009 so0z 0007 0661 1985 0861 Exports (trillions in U.S. dollars) 2010- 2005 0007 1970 $961 0961 Imports (trillions in U.S. dollars)

Global Trade, One of the major consequences of economic globalization is an increase in trade among nations. The figures below show imports and exports for four of the world's largest economies. 1960–2009 2.5 1.6 1.4 2.0 1.2 1.0 1.5 0.8 1.0 0.6 0.4 0.5 0.2 星 U.S. Germany U.S. Germany China Japan China Japan FIGURE 31.3 FIGURE 31.4 Imports, 1960-2009 Exports, 1960-2009 so0z 0007 0661 1985 0861 Exports (trillions in U.S. dollars) 2010- 2005 0007 1970 $961 0961 Imports (trillions in U.S. dollars)

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 20CTQ: You just overheard your friend say the following: Poor countries like Malawi have no absolute...

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Occasionally, a government official will argue that a country should strive for both a trade surplus and a healthy inflow of capital from abroad. Explain why such a statement is economically impossible.
If trade increases world GDP by 1 per year, what is the global impact of this increase over 10 years? How does this increase compare to the annual GDP of a country like Sri Lanka? Discuss. Hint To answer this question, here are steps you may want to consider. Go to the World Development Indicators (online) published by the World Bank. Find the current level of World GDP in constant international dollars. Also, find the GDP of Sri Lanka in constant international dollars. Once you have these two numbers, compute the amount the additional increase in global incomes due to trade and compare that number to Sri Lankas GDP.
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