ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A barter system that does not rely on money or other currency.
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A restricted system that blocks trade with international partners.
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A trade-based system that encourages the flow of goods and services.
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An old-fashioned system that preserves traditional choices and customs.
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Detailed explanation-1: -Brazil imports the least amount of goods in the world when measured as a portion of the gross domestic product (GDP) and is the most closed economy in the world. Brazilian companies face competitive challenges, including appreciation of the exchange rates and defensive trade policies.
Detailed explanation-2: -A closed economy is an economic setup where a nation doesn’t take part in the import or export of goods or services to/from other countries. For example, Ukraine, after the war with Russia, is on the verge of destruction and can be said to have a closed economy. Their economy is predicted to get down to 45.1% in 2022.
Detailed explanation-3: -A closed economy is an economy that does not participate in international trade, meaning it does not import or export goods and services from another country. A closed economy grows slower than open economies, as all goods must be produced and consumed from within the single economy.
Detailed explanation-4: -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-5: -Common examples of protectionism, or tools that are used to implement a policy of protectionism include tariffs, quotas, and subsidies. All of these tools are meant to promote domestic companies by making foreign goods more expensive or scarce.