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HWch1 - Da rasy Than 1 During the post-World War I I era...

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Darasy Than 1. During the post-World War II era, the world’s economies have become increasingly interdependent in terms of the movement of goods and services, business enterprise, capital, and technology. 2. An open trade system contend that international trade results in higher levels of consumption and investment, lower prices of commodities, and a wider range of product choices for consumers. Arguments against open trade system tend to be voiced during periods of excess production capacity and high unemployment. 3. The United States has seen growing interdependence with the rest of the world in its trade sector, financial markets, ownership of production facilities, and labor force. 4. What factors influence the rate of growth in the volume of world trade? 5. One fallacy is that trade is a zero-sum activity: if one trading party gains, the other must lose. Another fallacy is that imports reduce employment and act as a drag on the economy, while exports promote
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