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    Question

    The ‘Closed Economy is the economy in

    which
    A Only export takes place. Correct Answer Incorrect Answer
    B Budget deficit is less. Correct Answer Incorrect Answer
    C Only import takes place. Correct Answer Incorrect Answer
    D There is no foreign trade. Correct Answer Incorrect Answer

    Solution

    A closed economy typically refers to a country that does not trade or engage in other financial exchanges with any other country. That means no imports come into the country and no exports leave it.

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