A closed economy is a national economy that
A) doesn't interact economically with the rest of the world.
B) has a stock market that is not open to traders from outside the country.
C) has extensive trading and financial relationships with other national economies.
D) has not established diplomatic relations with other national economies.
A
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When labor productivity increases, the demand for labor curve ________ and the supply of labor curve ________
A) shifts rightward; shifts rightward B) shifts rightward; does not shift C) shifts leftward; shifts rightward D) shift s leftward; does not shift
A firm manager predicts and reacts to the moves of the firm’s competitors within the industry. What concept is illustrated by this example?
a. perfect competition b. prisoners’ dilemma c. economies of scale d. mutual interdependence