McqMate
| Q. |
A closed economy is one which - |
| A. | Does not trade with other countries |
| B. | Does not possess any means of international transport |
| C. | Does not have a coatastal line |
| D. | (4) Is not a member of the U.N.O. |
| Answer» A. Does not trade with other countries | |
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Explanation: A closed economy is one that has no exports or imports. An open economy is one that has exports and imports. In a closed economy, domestic quantity and domestic price entirely determine producer surplus and consumer surplus. In a closed economy, equilibrium price and equilibrium quantity determine consumer surplus and producer surplus. |
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