Which of the following is the definition of a closed economy?
Q. Which of the following is the definition of a closed economy?
- A closed economy is a type of economy where the money supply is totally controlled by the government
- A closed economy is a type of economy where neither exports nor imports take place
- A closed economy is a type of economy where deficit financing takes place
- A closed economy is a type of economy where there are no exports to other countries
Answer: A closed economy is a type of economy where neither exports nor imports take place