The relative decline of the United States in the share of world output and world exports reflects ____.
A) an increase in the barriers to foreign trade in the U.S.
B) the deepening of the global financial crisis
C) the reduced industrialization in developing nations
D) the growth in the economic development of the world economy

Question

Quizplus · Accepted Answer

The growth in the economic development of the world economy has led to the relative decline of the United States in the share of world output and world exports. As more countries develop and increase their industrialization, they become competitors with the United States in terms of exports, reducing the U.S.'s share of global exports. Additionally, the U.S. economy has shifted towards services and away from manufacturing, which has further contributed to its relative decline in the share of world output. There is no evidence to suggest that the decline is a result of an increase in trade barriers or the deepening of the global financial crisis.

The Relative Decline of the United States in the Share