A _____ does not engage in international trade in goods and services and it does not engage in international borrowing and lending
Fill in the blank(s) with correct word
closed economy
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Which of the following is most likely to cause a leftward shift in the demand curve for the Chinese yuan in exchange of the U.S. dollar?
A) An increase in the demand for U.S. products in China B) A decrease in the demand for Chinese products in the U.S. C) A decrease in the demand for U.S. products in China D) An increase in the demand for Chinese products in the U.S.
How are the fundamental economic decisions determined in North Korea?
A) The United Nations decides because North Korea is a developing economy. B) These decisions are made by the country's elders who have had much experience in answering these questions. C) Individuals, firms, and the government interact in a market to make these economic decisions. D) The government decides because North Korea is a centrally planned economy.