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Question : An economy which does not have any relation with the rest of the world is known as

Option 1: Socialist economy

Option 2: Closed economy

Option 3: Open economy

Option 4: Mixed economy


Team Careers360 6th Jan, 2024
Answer (1)
Team Careers360 17th Jan, 2024

Correct Answer: Closed economy


Solution : The correct answer is a Closed Economy.

A closed economy is one in which goods and services are not imported or exported. Instead, the country produces all of its goods and services for the benefit of its people. This economy is the opposite of a free market or an open economy.

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