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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Why might Belgium, France, Italy, and Sweden have a higher export to GDP ratio than the United States?

To determine

The reason behind higher export to GDP ratio of Belgium, France, Italy, and Sweden in comparison to the United States.

Explanation

The first and foremost method to evaluate the extent to which an economy is linked at a global level is by comparing its GDP with its international trade. As per this yardstick, smaller countries like France, Italy, Sweden and Belgium experience exponential growth as they export a higher ratio of goods and services.

These smaller countries basically focus on specializing in a few highly-profitable industries instead of simply trying to be self-sufficient and produce the products to meet their population needs. This strategy pays off, as these industries earn more profit from exports rather than the entire domestic economy...

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