An Economy That Does Not Trade with the Rest of the World

question 132

Multiple Choice

An economy that does not trade with the rest of the world is a(n) :

• A) open economy.
• B) command economy.
• C) trade economy.
• D) closed economy.
• E) one-person economy.

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Definitions:

Liabilities

Financial obligations or debts that a company owes to others, which need to be settled over time through the transfer of assets, provision of services, or other economic benefits.

Assets

Economic resources owned or controlled by a business or an individual, capable of producing value and used to generate income or meet obligations.

Liabilities

Financial obligations or debts that a company owes to others, which must be paid in the future, including loans, accounts payable, and mortgages.