A closed economy is one in which:

Related MCQs

• If an economy operates on its production possibility curve, then the allocation of resources in that economy satisfies:
• According to AC Pigou, any reorganization of the economy which increases the share of the poor without reducing the national income is also considered an
• The necessary condition for allocative efficiency is that each commodity be produced in an amount that makes the marginal benefit to society of the last unit produced equal to the marginal cost to society of that last unit. The satisfaction of this condition in a market economy relies on the assumptions of:
• If capital is available in large proportion and labour is less, then that economy is known as
• The opportunity cost of a machine which can produce only one product is:
• Which of the following trade policies limits specified quantity of goods to be imported at one tariff rate.
• A market system where there is only one buyer, is known as.
• A market system, where there is only one seller is known as
• The cost of one thing in terms of the alternative given up is called:
• If any policy change benefits any one section of the society (gainers) to such an extent that it is better off even after the payment of compensation to the other sections of the society (losers) out of the benefits received, then that change leads to