Question

an economy is said to be a closed economy when
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Answer 1

Explanation:

A closed economy is one that has no trading activity with outside economies. The closed economy is therefore entirely self-sufficient, which means no imports come into the country and no exports leave the country.

Answer 2

Answer: A nation with a closed economy is one that conducts no commerce or other financial transactions with any other nations. That implies no imports enter into the country and no exports leave it.

Explanation:

• An economy that is "closed" does not engage in international trade, which means it does not import or export products and services to or from other nations.
• All commodities or products and services are generated inside the confines of a single economy in this scenario.

• A closed economy is one that does not import or export products and services from other countries and is completely self-sufficient.
• The supply of goods and services is constrained when a nation is "closed" to commerce, as is the case with a closed economy.

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