BANKING AFFAIRS

Detailed explanation-1: -A closed economy typically refers to a country that does not trade or engage in other financial exchanges with any other country. That means no imports come into the country and no exports leave it.

Detailed explanation-2: -A closed economy is an economy that does not participate in international trade, meaning it would not import or export goods and services from another country. In this situation, all goods and services are produced within the boundaries of a single economy.

Detailed explanation-3: -A closed economy is one that has no trading activity with outside economies. The closed economy is therefore entirely self-sufficient, which means no imports come into the country and no exports leave the country. Was this answer helpful?

Detailed explanation-4: -The correct answer is Closed. An economy having no economic relationship with other countries is called a closed economy. There is neither exports nor imports in a closed economy. Goods are produced and consumed by the same households within a closed economy.

Detailed explanation-5: -In a completely closed economy, there are no imports or exports. The country claims that it produces everything its citizens need. We also refer to this type economy as isolationist or an autarky. A closed economy is the opposite of an open economy or a free-market economy.