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• Why are trade agreements important for the various countries involved?
TTrade agreements bring many benefits for economies around the world. Trade agreements can foster economic growth by increasing trade for a nation.
Expert answered|danab1019|Points 136|
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Asked 4/15/2012 12:14:37 PM
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How is international trade related to the U.S. standard of living as opposed to the standard of living of a small industrial nation or a developing nation?
Weegy: A trade surplus creates a river of money flowing into the country. A trade deficit causes a river of money flowing out of the country. It is not difficult to imagine what effect this has on an economy. [ Canada, Germany, Norway, and Sweden are major exporters (trade surplus), and they are known for their high standard of living and their generous social programs. Greece, Mexico, Pakistan, and Turkey have a chronic trade deficit. These ... (More)
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Asked 4/15/2012 12:20:19 PM
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How does international trade affect a country’s standard of living?
Weegy: "U.S. goods (exports plus imports) increased from 9.2 percent of gross domestic product in 1960 to 28.6 percent in 2007. This expansion of international trade has benefited the United States and its trading partners considerably. [ The benefits include a higher standard of living, lower prices for consumers, improved efficiency in production and a greater variety of goods," writes Krol. In fact, international trade is so beneficial that ... (More)
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Asked 4/15/2012 12:49:11 PM
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