According to the Text, the Most Important Reason International Trade

question 42

True/False

According to the text, the most important reason international trade has grown so rapidly during the past 40 years is the reduction in the cost of transportation and communication.

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Definitions:

Domestic Price

The price of goods or services within a particular country, unaffected by international market variables.

Oil Barrels

Standardized units measuring volumes of crude oil and its products, with one barrel equivalent to 42 U.S. gallons.

Comparative Advantage

A concept in international trade that describes how a country can produce a particular good at a lower opportunity cost compared to other countries.

Candle Makers

Individuals or companies engaged in the craft or industrial process of producing candles.