Question

1. Which of the following type of economy deals with the rest of the world?
closed
open
only developed
only developing
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Answer 1

Answer:

only developing hope it helps you

Answer 2

Option b is the correct answer.

Open economy deals with the rest of the world.

1. Open economy deals with the rest of the world means that the circular flow of good,services, wages etc. is not restricted to domestic territory of a country but it involves other countries of the world as well.
2. Open economy can be both developed and developing. E.g. India is a developing economy and deals with the rest of the world. Similarly, US, a developed country also deals with rest of the world.