If a Country Does Not Engage in Trade with Other

question 75

Multiple Choice

If a country does not engage in trade with other countries,it is known as

• A)An open economy.
• B)A trade deficit economy.
• C)A closed economy.
• D)A trade surplus economy.

---

Definitions:

Account Balances

The amounts of money present in or owed on a company's accounts at any given time.

Capital

Capital refers to the financial resources or assets that are used to fund operations, invest in the business, or cover expenses.

Profit and Loss

A financial statement that summarizes revenues, costs, and expenses incurred during a specific period, typically used to assess a company's financial performance.

Liquidation Transactions

Financial operations associated with winding up a company's affairs, selling off its assets, and distributing the proceeds to creditors and shareholders.