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A closed economy is one which
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- Does not trade with other countries
- Does not possess any means of international transport
- Does not have a coastal line
- Is not a member of the U.N.O.
Correct Option: A
A closed economy is one that has no exports or imports. An open economy is one that has exports and imports. In a closed economy, domestic quantity and domestic price entirely determine producer surplus and consumer surplus. In a closed economy,
equilibrium price and equilibrium quantity determine consumer surplus and producer surplus.
