What is the term for a country with no trade and no borrowing and lending with other countries?
A)planned economy
B)closed economy
C)open economy
D)market economy

Question

Quizplus · Accepted Answer

A closed economy is one that does not participate in any trade or financial transactions with other countries. This means that it does not engage in imports, exports, borrowing or lending, and relies solely on its own resources to survive. This can have both advantages and disadvantages for a country, as it can promote self-sufficiency and protect local industries, but can also limit access to new technologies and global markets.

What Is the Term for a Country with No Trade