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The Relationship Between World Output and Trade

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1. Explain the relation between trade and world output.

2. Describe the broad pattern of international trade.

3. If the nations of the world were to suddenly cut off all trade with one another, what products might you no longer be able to obtain in your country? Choose one other country and identify the products it would need to do without.

A and PA format. Cite and references

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Solution Summary

The solution discusses the relationship between world output and trade, with reference to various outcomes, such as surplus and economic influences on trade. It also investigates trade patterns, in an effort to predict the changes in international trade, in the future. In additional, the discussion includes how foreign investment affects trade and world output.

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1. Trade and world output are closely related because world output can greatly influence trade. If output increases, often trade will increase. However, world output or the available products and services the world is producing, can create a surplus, if trade has slowed, due to economic conditions such as recession. Currently, trade is growing at a faster rate than world output. In other words, the world is not producing as quickly as demand (Motley, ...

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