An Economy That Does Not Have Interactions in Trade or Finance

question 67

Multiple Choice

An economy that does not have interactions in trade or finance with other economies is referred to as:

• A)an open economy.
• B)a closed economy.
• C)a trade-balanced economy.
• D)a zero foreign investment economy.

Know that graphics must be introduced properly to avoid misinterpretation of data.

Identify the best practices for incorporating visuals in reports, including numbering and placement.

Understand the need for revising organizational charts following structural changes in a business.

Learn the specific contexts in which various charts and graphs are most appropriately used.

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Definitions:

Natural Monopoly

A market condition where due to high fixed or startup costs, a single firm can supply a product or service to an entire market more efficiently than multiple firms could.

Electricity

A form of energy resulting from the existence of charged particles such as electrons or protons, either statically as an accumulation of charge or dynamically as a current.

Producer Surplus

The difference between the amount producers are willing to sell a good for and the actual amount they receive, usually represented graphically as the area above the supply curve and below the market price.

Consumer Surplus

The differential between the amount envisioned by consumers to pay for a good or service and the actual amount paid.