An Open Economy Is One in Which Exports and Imports

question 103

True/False

An open economy is one in which exports and imports constitute a large share of GDP.

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Definitions:

Efficient

Describes a process or system that achieves maximum productivity with minimum wasted effort or expense.

Economy

The system of production, distribution, and consumption of goods and services within a particular geographical area.

ATC Curve

Represents the Average Total Cost curve, showing the per-unit cost of production at different levels of output.

Efficient

Pertaining to a process or system that achieves maximum productivity with minimal wasted effort or expense.