Differentiate Between an Open and a Closed Economy? Do You

question 23

Essay

Differentiate between an open and a closed economy? Do you agree that US economy is more open among the advanced industrial countries in the world?

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Definitions:

Obtained

Acquired or secured something, typically through purchase, request, or effort.

Degree

An academic award conferred by colleges and universities to signify the completion of a course of study.

Accord And Satisfaction

An agreement for payment (or other performance) between two parties, one of whom has a right of action against the other. After the payment has been accepted or other performance has been made, the “accord and satisfaction” is complete, and the obligation is discharged.

Legal Claim

A formal assertion by a party that they are entitled to some legal right or remedy.