A closed economy is one having _______.

imports only

No worries! We‘ve got your back. Try BYJU‘S free classes today!

exports only

No worries! We‘ve got your back. Try BYJU‘S free classes today!

no export or imports

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

both imports and exports

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C no export or imports
A closed economy is one that only operates a domestic sector and is self sufficient. It is closed to international trade. The economy will usually only consist of 3 sectors, firms, households and government when the economy is closed and there is no exports and imports.

Suggest Corrections

Similar questions

Q. A place where exports and imports happen regularly is called a _____.

Q. Select the factors responsible for a surplus in the current account of an economy, using the cone given below:
1. Its exports are compulsory imports for other economies.
2. It imports low-technology items and exports high-technology items.
3. It has huge domestic market. Code:

It is given that Imports - Exports = x for company A in 1993 and the imports of company A in 1993 were Rs. 3.6 crore. It is also given that Imports - Exports = a for company B in 1997 and the exports of company B in 1997 were Rs. 5 crore. What is the relationship between a and x?

Q. Answer the following question based on the graph:

What is the average exports and imports of a company

A

Q. The volume of imports and exports is a factor influencing the environment of a business.

Join BYJU'S Learning Program