Final answer:
The United States does not have the highest savings rate among industrial nations; it is lower than countries like China and the East Asian Tigers and below the global average. The correct option is O false.
Step-by-step explanation:
The statement that the United States has ranked highest among industrial nations in savings rate is false. Countries like China and the East Asian Tigers have traditionally had much higher savings rates, often saving one-third or more of their GDP, which is significantly higher than the savings rate in the United States.
The U.S. savings rate stands at around 17% of GDP, which is below the global average of 22%. The statement that 'for many years, the United States has ranked highest among industrial nations in savings rate' is false. By international standards, Americans do not save a high proportion of their income.
The rate of gross national saving in the United States is 17% of the size of the U.S. GDP, while the comparable world average rate of savings is 22%.