The statements are related to international trade. Label each statement as either true or false. Each term may be used more than once. Due in part to big differences in the cost of medical procedures in different countries, medical tourism is increasing. The General Agreement on Tariffs and Trade (GATT) has globally increased tariffs, trade, and the standard of living since 1947. Since the 1950s, the U.S has had a trade deficit. The majority of the U.S public agrees that trade barriers should be maintained to protect American jobs.]

Trade is one of the most important sources of growth. Trade helps the economy to specialize in what they produce more efficiently and allow them to sell it to the customers who valued them most. This ensures lower cost of production and higher profit margins. Therefore, some countries spacializes in medical procedures and enable to decrease cost. This cost differential attract people arround the world to import medical treatment service and this increases medical tourism.

Statement 2: FALSE

The main functions of GATT is to reduce the tariff and other form of protection and promoting a free trade and globalization.

Statement 3: FALSE

The economy has trade deficit not until 1970s. The avarage trade balance until 1969 was 2.766 billions of dollar that went to deficit in 1972.

Statement 4: FALSE

The people think that these trade barriers should be removed as it is an era of globalization in every sphere and aspect internationally.

rowboatontario rowboatontario · Answer 2 · 2022-04-08T15:59:01+02:00

International Trade is the outcome of Globalization, due to which many Public Forums like GATT is established to ensure fair and reasonable trade.

International Trade

There are Four statements related to the topic of International trade, we need to find the reasons if they are True or False.

So the First Statement says there is increase in the Medical Tourism, which is True. Because there is an increase in the difference between medical and Health service cost in different regions, due to which people for health benefits go for the medical tourism.

Statement 2:

It is False. Because the Main function of GATT is to minimize the barriers and regulations which hampers the International Trade, since 1947 GATT has increased the trade and standard of living and decreased the tariffs, hence the statement is False.

Statement 3:

The Statement is false. US has since 1950s trade surplus, it is after 1970s that US observed Trade deficit, hence the statement is false.

Statement 4:

This Statement is False. The Trade barriers do more harm than good, as it creates inflation, and creates lower service sector jobs, hence the statement is false.

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