Chapter 7 - Assignment 1: Trends in World Trade
Chapter 7 - Assignment 1: Trends in World Trade
Read the World Trade Organization's report on trends in world trade.
- During the past decade, what has happened to the volume of trade (as a share of output) in the global economy? (Hint: see Chart 1)
- What are some of the major factors that account for this change?
- What are the implications of this change in the volume of world trade on the "gains from trade?" How does a typical consumer benefit?
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