Autarky refers to the situation of national self-sufficiency, in which there is no economic interaction with foreign producers or consumers. This means that the country relies entirely on its own resources and produces all of the goods and services consumed domestically, without relying on imports or exports. It is an extreme form of economic independence that is rarely seen in today's globalized economy.

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Autarky Is:

Question 19

Multiple Choice

Autarky is:

A) the situation of national self-sufficiency,in which there is no economic interaction with foreign producers or consumers.
B) the situation in which there is no legal limit on the amount of a commodity that can be imported.
C) the situation in which countries export products they can produce more cheaply in return for products that are unavailable domestically or are cheaper elsewhere.
D) the situation in which world price is determined by the world supply and demand for a product.
E) the situation in which each country specializes in making goods with the lowest opportunity cost.

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