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.
Correct Answer:
Verified
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