Business
Business, 20.09.2020 17:01, emilyanneK2540

A century ago, most British imports came from relatively distant locations: North America, Latin America, and Asia. Today, most British imports come from other European countries. How does this fit in with the changing types of goods that make up world trade? A. A century ago trade was mostly in commodities such as sugar, wheat, and cotton that were not produced in Europe. Today, oil and mining products are the most important commodities traded, which Britain imports from Eastern European countries and Ireland. B. A century ago trade was mostly in commodities that were not produced in Europe. Although they are inferior, these commodities are now purchased from European countries because of higher transportation costs. C. A century ago trade was mostly in commodities that were not produced in Europe. Today, 61 percent of trade is in manufactured goods, and as the gravity model predicts, Britain trades with the other large European economies. D. A century ago trade was mostly in agricultural and mining products not produced in Europe. Today, 38 percent of trade is in services, and as the gravity model predicts, Britain trades with the other large European economies.

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