A Closed Economy Is One That

question 155

Multiple Choice

A closed economy is one that

• A)uses tariffs.
• B)uses quotas to restrict trade.
• C)uses exchange controls.
• D)does not trade with other nations.

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Definitions:

Payees

Individuals or entities to whom money is paid or is to be paid.

Signature Requirement

The legal or regulatory mandate that a document must be signed by one or more parties to validate or acknowledge it.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, intended to harmonize laws across states and simplify transactions.

Agent

A person authorized to act on behalf of another person, typically in a business or legal matter.