The services provided by the foreign language translation industry are growing at the same percentage as the increase in volume of world exports. The Globalist Quiz produced by The Globalist based in DC, was printed in the Boston Globe on Sunday, May 14, 2006 and tells of this increase - along with some other interesting percentages. Below, find the summary.
Question: By how much did the voume of world exports rise between 2000 and 2005?
A. 6% B. 20% C. 30% D. 60%
A - 6% is not correct - the World's population grew about 6% since 2000. May not seem a lot but if you consider that the world population was 6 billion in 2000, a 6% growth would be 375 million people - more than the entire population of the US.
B. - 20% is not correct - The worlds' real GDP grew from $3.6 trillion to $4.4 trillion - a 20% rise. World trade grew faster - due to falling transportation and communciation costs, combined with lower trade barriers.
C. 30% is correct - Trade can be measure in 2 ways - volume and dollars. Measuring trade by volume is considered a truer measure of world trade growth because it eliminates various distortions from exhcange rates or steep increases in a few comodities (such as oil).
D. 60% is not correct - Measured in dollars, world trade grew about 61% between 2000 and 2005. Double the increase in exports measured in volume was primarily due to combination of factors including the fall in the value of the dollar and the rise in price of oil.
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