Multiple choice

What is the specific feature of a 'Closed Economy'?

  1. No more printing of their currency notes

  2. No Exports or Imports

  3. No more income tax

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

A closed economy is completely self-contained and does not engage in international trade. This means no goods or services are exported to other countries, and none are imported from abroad. The economy relies entirely on domestic production and consumption.

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