17) Since World War II, world trade has A) decreased in importance as nations turn inward due to security concerns. B) increased, but not as…

17) Since World War II, world trade has

A) decreased in importance as nations turn inward due to security concerns.

B) increased, but not as dramatically as annual world real GDP has climbed.

C) risen sharply, outpacing gains in annual world real GDP.

D) increased in relative importance for most nations, but not for the United States.

18) Today, the share of international trade in U.S. GDP is

A) almost 0 percent.

B) about 10 percent.

C) close to 30 percent.

D) more than 150 percent.

19) The balance of payments is

A) the value of goods and services bought and sold in the world market.

B) a summary record of a country’s economic transactions with foreign residents and governments.

C) a summary record of a country’s purchases and sales of goods and services in the world market.

D) the value of merchandise goods bought and sold in the world market.

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