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.

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Definitions:

Factor Prices

The prices of inputs used in the production process, such as labor wages, land rents, and capital interest rates.

Marginal Cost

The additional cost incurred from producing one more unit of a good or service, crucial for decision-making in production and pricing strategies.

Production Function

An equation that specifies the output that a firm can produce with varying combinations of inputs or factors of production.

Cartoonists' Labor

The work performed by individuals skilled in creating cartoons, whether for animation, comics, or other media forms.