Which of the following is an example of a closed economy?
a. Bejukistan is a major trading partner of more than 100 countries.
b. Freedonia is the leading export country in terms of the dollar value of its exports.
c. The island of Isolakia lives self-sufficiently with no foreign trading partners.
d. New Voltari exports goods and services at a rate higher than its annual GDP.
c. The island of Isolakia lives self-sufficiently with no foreign trading partners.
You might also like to view...
An economic system in which relative prices change to reflect changes in supply and demand for different commodities is known as a
A) socialist system. B) communist system. C) queuing system. D) market system.
If the electric company is allowed by regulators to earn only a normal profit, it will produce at the point where
a. MR = MC b. P = MC c. MC = quantity demanded d. P = AC e. MR = AC
The Lorenz curve represents the distribution of non-cash benefits
a. True b. False Indicate whether the statement is true or false
Recovery in the United States after the Great Recession can be characterized as:
a. Rapid, as U.S. unemployment fell and employment rose. b. Slow to develop, as unemployment fell and employment rose at very sluggish paces. c. Non-existent. After three years, the U.S. economy was in the same position as 2008. d. Mixed, as real GDP grew rapidly, but the unemployment rate and employment rate lagged behind.