The volume of trade has changed dramatically between 1960 and 2007. Which empirical statement best describes this transformation?
A) U.S. exports have increased from 4.8 to 11.6 percent of GDP, while U.S. imports have risen from 4.3 to 16.7 percent of GDP.
B) U.S. exports have increased from 4.8 to 51.5 percent of GDP, while U.S. imports have risen from 4.3 to 52.9 percent of GDP.
C) U.S. exports have increased from 4.8 to 41.5 percent of GDP, while U.S. imports have risen from 4.3 to 42.9 percent of GDP.
D) U.S. exports have decreased from 61.5 to 4.8 percent of GDP, while U.S. imports have fallen from 32.9 to 4.3 percent of GDP.
Correct Answer:
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