The USEconomy Is Relatively Closed in Terms of Economic Activity Related

question 166

True/False

The U.S.economy is relatively closed in terms of economic activity related to exports and imports.

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Definitions:

Normative Economic Statement

A statement that reflects opinions or judgments about what ought to be in economics, focusing on the desirability of certain economic policies or outcomes.

Minimum Wage

The lowest legal wage that employers are allowed to pay their workers, set by law to ensure a minimum standard of living for employees.

Federal Government

The national government of a federated state, which holds the central political authority in a federal system.

Positive Statement

An objective statement based on factual information that can be tested or verified rather than based on opinions or norms.