The Concept of an Open Economy Means That

question 94

Multiple Choice

The concept of an open economy means that

• A) imports should be limited while exports should be expanded.
• B) a nation's borders are open to flows of imports and exports.
• C) exports should be controlled but imports should be allowed in without restriction.
• D) imports and exports should be restricted.

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Definitions:

Multiculturalism

A societal approach that respects and encourages diversity, recognizing the value of different cultures within a community.

Ethnicity

Denotes a category of people who identify with each other based on common ancestral, social, cultural, or national experiences.

Race

A social construct used to categorize humans into large and distinct groups based on physical characteristics, ancestry, historical affiliations, or shared culture.

Social Justice Competencies

The skills and knowledge required to work effectively for fair and equitable distribution of resources and opportunities in society.