Question

Explain the role of government in a closed economy

Answer 1

Explanation:

A closed economy is one that has no trade activity with outside economies. The closed economy is self-sufficient, which means no imports come into the country and no exports leave the country. The purpose of a closed economy is to provide domestic consumers with everything they need from within the country's borders

Answer 2

The role of government in a closed economy

Explanation:

• A closed economy is one that is closed to outside investments and trade. The closed economy has trading activity and this is self-sufficient in itself. The goal of the economy is to serve within its national borders.

• The government however performs several functions in a closed economy legal and social role, it maintains competition, provides public goods and services. It redistributes income and stabilizes the economy.

• The expenditure is divided into three components such as investments, government purchase, and consumption.

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• brainly.in/question/15823041 answered by ankitsunny.