Four major trends affecting world trade in the past decade are formal economic integration and free trade among nations, global competition among global companies for global customers, the emergence of networked global marketspace, and
A)a gradual decline in economic protectionism by individual countries.
B)a significant increase in economic protectionism and a decline in free trade.
C)redefined national boundaries and a more aggressive attitude towards initiating international tariffs and quota systems.
D)a decrease in most countries' GDPs and a renewal of nationalism.
E)an increase in most countries' GDPs coupled with an increased degree of consumer ethnocentrism.

Question

Quizplus · Accepted Answer

The other options are either incorrect or not supported by evidence. There has been a gradual decline in economic protectionism by individual countries, which is in line with the trend towards free trade and economic integration. This trend has been facilitated by regional trade agreements (e.g. NAFTA, the EU), and multilateral agreements such as the WTO. The evidence suggests that countries are generally moving towards more open trade regimes, despite occasional setbacks due to political pressures or economic crises.

Four Major Trends Affecting World Trade in the Past Decade