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.
d
Economics
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As a group, oligopolists would always earn the highest profit if they would
a. produce the competitive quantity of output. b. produce more than the competitive quantity of output. c. charge the same price that a monopolist would charge if the market were a monopoly. d. operate according to their own individual self-interests.
Economics
A competitive employer should hire additional labor as long as
A. the MRP exceeds the wage rate. B. average product exceeds MP. C. the wage rate is less than MP. D. MC exceeds MR.
Economics