A closed economy is an economy that does not:
A)interact with other economies.
B)publish its financial information to the public.
C)collect tax revenue.
D)charge tariffs on imports.

Question

Quizplus · Accepted Answer

A closed economy is essentially self-sufficient and does not engage in trade or economic activities with other economies. Therefore, they do not import or export goods and services, nor do they participate in international financial transactions. This means that they do not collect tax revenue from cross-border activities or charge tariffs on imports.

A Closed Economy Is an Economy That Does Not