If a Country's GDP Is $10 Trillion and Its Overall

question 22

Multiple Choice

If a country's GDP is $10 trillion and its overall trade flows are $2 trillion (exports plus imports) , then:

• A) its trade-to-GDP ratio is 20%.
• B) it is not a successful country.
• C) its GDP needs to increase.
• D) its trade-to-GDP ratio is too high.

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Definitions:

Reimbursement

The act of compensating someone for an expense incurred, often as part of an employment or contractual obligation.

Conditions Precedent

Specific conditions outlined in a contract that must be met before a party is required to fulfill their contractual obligations.

Conditions Subsequent

Specific conditions outlined in a contract that must occur or be performed after a specified event or action, which can affect parties' rights and obligations.

Conditions Concurrent

In a contract, these are conditions that must occur or be performed at the same time by the parties involved for the contract to become effective.