Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 31 - Part XI - Open-Economy Macroeconomics: Basic Concepts - Quick Check Multiple Choice - Page 679: 1

Answer

a. exports and imports are both higher.

Work Step by Step

Exports and imports are closer to 15 percent of GDP today, as opposed to between 4 and 5 percent in the 1950s. Innovations in transportation, telecommunications, different types of goods, and more openness to trade have all contributed to this increase.
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