Which statement best defines a closed economy?
A) It does not trade with other economies.
B) It does not have free markets.
C) It does not allow immigration.
D) It does not have freedom of entry and exit.

Question

Quizplus · Accepted Answer

A closed economy is one that does not engage in trade with other economies. This means that all goods and services produced are consumed domestically, and there is no import or export of goods or services.

Which Statement Best Defines a Closed Economy