1. Here are three statements about international trade.

IInternational trade has become relatively more important as transport costs have fallen.

IIInternational trade has become relatively more important as transaction costs have fallen.

IIIInternational trade has raised living standards for most Americans.

Choose the correct option from the list below.

AOnly I and II are true.

BOnly I and III are true.

COnly II and III are true.

DOnly III is true.

EAll three statements are true.