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Q. |
An economy which does not have any relation with the rest of the world is known as |
A. | Socialist economy |
B. | Closed economy |
C. | Open economy |
D. | Mixed economy |
Answer» B. Closed economy | |
Explanation: A Closed economy is an economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy's borders. |
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