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.

    Practice Next

    Relevant for Exams: