The Process of Countries Becoming More Open to Foreign Trade

question 179

True/False

The process of countries becoming more open to foreign trade and investment is known as outsourcing.

---

Definitions:

Great Depression

A severe worldwide economic downturn that took place during the 1930s.

Nominal GDP

Nominal GDP is the market value of all final goods and services produced within a country in a given period, measured in current prices.

Aggregate Output

The total value of all goods and services produced in an economy over a specific time period.

Aggregate Supply

The total supply of goods and services that firms in an economy plan on selling during a specific time period at given prices.