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True or False, and Explain: The United States is a relatively closed economy in comparison to...

True or False, and Explain: The United States is a relatively closed economy in comparison to other industrialized nations.

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By definition a nation is termed as closed economy when it is self-sufficient. US is self sufficient and one of the largest economy in the world but the US specializes in service industry as per one of the reports the Industry is made up of 80% service industry. That is for manufactured goods US is dependent on other nations. If US might not have been importing goods from other nations then we can say US is a closed economy but that is not the reality. Hence, US is not a closed economy.

When it comes to relatively closed economy in comparison to other industrialized nations then we can say yes the US economy is relatively closed economy. As per one of the reports the domestic consumers still consume more than 85% of goods or services produced withing US. Thus, from this point of view we can say US economy is relatively closed economy.

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