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Economics: MCQ Objective Questions
Which of the following statement is correct about 'closed economy'(A). The money supply is fully controlled
(B). Only imports take place
(C). Only exports take place
(D). Neither exports nor imports take place ✅
Detailed Explanation - Economics MCQ
◾A closed economy is one that has no trading activity with outside economies.
◾The closed economy is therefore entirely self-sufficient which means no imports come into the country and no exports leave the country.
◾The goal of a closed economy is to provide domestic consumers with everything they need from within the country's border.
◾In reality, there are no nations that have economies that are completely closed.
