Which of the Following Statements Is FALSE

question 87

Multiple Choice

Which of the following statements is FALSE?

• A)Until the 1970s the American economy was essentially a closed system.
• B)Until the 1970s Say's Law best described our economic system.
• C)The American economy is more dependent on foreign manufacturing today than it was in the 1970s,and is therefore more of a closed economy.
• D)The American economy today is an open economy where supply no longer creates its own demanD.

Understand the concepts of fixed, variable, and total costs in production.

Analyze the relationship between output and costs using average and marginal measures.

Identify the effects of labor and capital inputs on production costs.

Assess how changes in production levels affect total, average, and marginal costs.