A 'closed economy' is an economy in which?1. Money supply is fully con

1.	A 'closed economy' is an economy in which?1. Money supply is fully controlled2. Losses are financed3. Only exports are done4. Neither exports nor imports are done
Answer» Correct Answer - Option 4 : Neither exports nor imports are done The correct answer is Neither exports nor imports are done. A closed economy is one that has no trading activity with outside economies. The closed economy is entirely self-sufficient. It means no imports come into the country and no exports leave the country. In other words, A closed economy is one that does not swap their trading with outside. Open Economy: An economy in which participants are permitted to buy and sell goods and services with other countries. The GDP of open economies includes exports and imports. Some very open economies try to have few or no trade restrictions.

A 'closed economy' is an economy in which?1. Money supply is fully controlled2. Losses are financed3. Only exports are done4. Neither exports nor imports are done

Answer» Correct Answer - Option 4 : Neither exports nor imports are done

The correct answer is Neither exports nor imports are done.

A closed economy is one that has no trading activity with outside economies.
The closed economy is entirely self-sufficient.
It means no imports come into the country and no exports leave the country.
In other words, A closed economy is one that does not swap their trading with outside.

Open Economy:
- An economy in which participants are permitted to buy and sell goods and services with other countries.
- The GDP of open economies includes exports and imports.
- Some very open economies try to have few or no trade restrictions.

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A 'closed economy' is an economy in which?1. Money supply is fully controlled2. Losses are financed3. Only exports are done4. Neither exports nor imports are done

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