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)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
1. Notice how U.S. imports rose at roughly the same rate as
those of other countries until the 1970s. What accounts for
the acceleration of U.S. imports thereafter?
2. China’s exports rose spectacularly after the 1990s. Germany
increased its exports in this period dramatically as well. What
evidence do you see here for increasing competition for the
United States in a globalizing economy?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education