Refer to the below figure (Figure 1) which shows world and United States volume of trade, including both imports and exports, expressed as a percentage of production (GDP). Which of the following statements is FALSE? Figure 1 Trade as a Percent of GDP 8 .World .L 0 United States 1960 1965 1970 1975 1980 19185 1990 1995 2000 2005 2010 2015 In 1960, the US. volume of trade equaled less than 10% of its GDP. Worldwide volume of trade has been increasing over the past four decades. The US. remains more open than many economies. The US. volume of trade has been increasing over the past four decades. In 2016, the US. volume of trade equaled a little under 30% of its GDP