World trade has grown substantially in the last 60 years. For example, while world output grew at an annual rate of 3.8% per year between 1950 and 2003, world exports grew at 10.8% per year over the same time period. Which of the following help to explain the increase in international trade and finance since the 1950s? Check all that apply.
1. A shift toward trading lighter, more easily transported goods
2. International trade agreements such as the General Agreement on Tariffs and Trade (GATT)
3. Higher tariffs
4. Services such as web conferencing and teleconferencing that facilitate international meetings