Question

Explain the role of government in determination of gdp in closed economy

Answer 1

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.

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Answer 2

A closed economy is one that does not involve any economic contact with other economies. The closed economy is self-sufficient, implying that no products reach the country, and no exports exit the country.

Explanation:

• A closed economy has the function of supplying domestic customers with all they need from inside the boundaries of the country
• The elements of GDP in a closed economy are: a) sales, production, policy procurement, and exports. B) usage, production, acquisitions by governments and net exports.
• The below are descriptions of Countries with a closed system. Morocco and Algeria (excluding oil sales), Ukraine and Moldova (despite the late export sector). Tajikistan and Vietnam (closest to the closed economy), Brazil (if imports are to be neglected).

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