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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