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What Restriction Would The Government Impose in a Closed Economy?
A. The government would set the prices for imported goods.
B. The government would preserve traditional customs only.
C. The government would prohibit trade with other nations.
D. The government would prevent private ownership of property.
Correct Answer: C. The government would prohibit trade with other nations.
Explanation:
An economy is a system in which the production and consumption activities of firms and individuals are linked. This domain also governs how resources are utilized in general.
- A closed economy is where everything stays “within” a specific area.
- In other terms, a closed economy is one in which all transactions takes place within the same economy.
- In this economic activity, no outside influences or businesses are involved.
- The government of one nation restricts trade with other nations.
- It only allows trading within the country and does not permit foreign participation.
A closed economy is one in which trading is limited to one or more nations and outside nations are prohibited from participating.
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