A closed economy is one that
A. uses tariffs.
B. uses quotas to restrict trade.
C. uses exchange controls.
D. does not trade with other nations.
Answer: D
Economics
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Exhibit 11-2 Labor and output data Labor Output 0 0 1 20 2 45 3 80 4 100 5 110 In Exhibit 11-2, if product price is fixed at $5, the MRP of the third worker is equal to:
A. $35. B. $125. C. $80. D. $175.
Economics