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
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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