The major difference between a closed economy and an open economy is that a(n)
A)closed economy balances budget, while an open economy does not.
B)open economy is a market economy, while a closed economy relies on planning.
C)open economy interacts with the rest of the world, while a closed economy does not.
D)closed economy keeps political affairs secret, while an open economy does not.

Question

Quizplus · Accepted Answer

An open economy interacts with the rest of the world by trading goods, services, and capital across borders, while a closed economy does not engage in such international transactions.

The Major Difference Between a Closed Economy and an Open