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Question
An economy which has trade relation with rest of the world is called an _______.
An economy which has trade relation with rest of the world is called an _______.
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Solution
The correct option is D open economy
An open economy is one that operates a domestic sector and an international (foreign) sector and is interdependent. It is open to international trade. The economy will usually consist of 4 sectors, firms households, government and foreign sector when the economy is open.
An open economy is one that operates a domestic sector and an international (foreign) sector and is interdependent. It is open to international trade. The economy will usually consist of 4 sectors, firms households, government and foreign sector when the economy is open.
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