Asked by Rosario Martinez on May 04, 2024
Verified
The United States can be classified as an "open" economy in that foreign trade accounts for more than 50 percent of its GDP.
Open Economy
An economy that engages in international exchange of goods, services, and capital.
Foreign Trade
The exchange of goods, services, and capital between countries and territories, influencing the global economy.
GDP
Gross Domestic Product, the total market value of all final goods and services produced within a country in a given period.
- Comprehend the position of the U.S. in the realm of international trade, including its trade balance and leading trading partners.
Verified Answer
MA
Marlene AmadorMay 05, 2024
Final Answer :
False
Explanation :
The United States is considered an open economy, but foreign trade (exports and imports) accounts for less than 50 percent of its GDP, making the statement incorrect.
Learning Objectives
- Comprehend the position of the U.S. in the realm of international trade, including its trade balance and leading trading partners.
Related questions
In 2018, the United States Was the Largest Exporter in ...
The United States' Most Important Trading Partner Quantitatively Is
The U.S. Has a Trade Surplus in Services
The World's Leading Exporting Nation Is ______________;The Nation with the ...
About ______ Percent of the Workforce in the United States ...