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.
An increasing number of import quotas
Better high-speed rail lines
Improvements in telecommunications
International trade agreements such as the General Agreement on Tariffs and Trade (GATT)
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