3. Factors that influence international trade In the 1950s, imports and exports of goods and services constituted roughly 4% to 5% of U. S. GDP. In recent years, exports have accounted for approximately 12% of GDP, while imports have more than tripled to over 15% of GDP. Which of the following help to explain the increase in international trade and finance since the 1950s? Check all that apply. Changes in property rights Services such as web conferencing and teleconferencing that facilitate international meetings International trade agreements such as the General Agreement on Tariffs and Trade (GATT) Better high-speed rail lines

a) Services such as web

b) International trade agreements

c) Better high-speed rail lines

Explanation:

a) Services such as web conferencing and teleconferencing that facilitate international meetings International trade

Trading Partners are able to reach each other way faster and conclude deals in times that would be considered a record in the 50's. Transaction costs have also been reduced enabling more trade.

b) International trade agreements such as the General Agreement on Tariffs and Trade (GATT)

Such agreements have reduced barriers to entry for companies doing business across borders. This has had the effect of trade increasing dramatically to take advantage of these agreements.

c) Better high-speed rail lines

With advancements in railway technology leading to faster rail lines, trade has moved at an unprecedented pace, taking advantage of one of the main conduits for international trade to move goods across borders to get goods to consumers quicker.

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