Economics · Macroeconomics Overview
Which of the following best defines a 'Closed Economy'?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1An economy that only permits exports but strictly bans imports
- 2An economy that is solely controlled by the central bank without government intervention
- 3An economy facing severe inflation where financial markets are locked
- 4An economy in which neither imports nor exports take place with other countries✓
Correct answer
An economy in which neither imports nor exports take place with other countries
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