The United States can be classified as an "open" economy in that foreign trade accounts for more than 50 percent of its GDP.

Name: The United States can be classified as an "open" economy in that foreign trade accounts for more than 50 percent of its GDP.
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Question

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The United States is considered an open economy, but foreign trade (exports and imports) accounts for less than 50 percent of its GDP, making the statement incorrect.

The United States Can Be Classified as an "Open" Economy