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Questions and Answers
What is the defining characteristic of a closed economy?
What is the defining characteristic of a closed economy?
- Involves both imports and exports of goods and services
- Actively participates in international trade
- Receives foreign aid and remittances
- Self-sufficient and does not interact with other countries (correct)
What can significantly impact the economic landscape of open economies?
What can significantly impact the economic landscape of open economies?
- Participation in international trade
- Self-sufficiency
- Receiving foreign aid and remittances (correct)
- Lack of interaction with other countries
Which of the following best describes an open economy?
Which of the following best describes an open economy?
- Receives foreign aid and remittances
- Actively participates in international trade (correct)
- Does not participate in international trade
- Is self-sufficient and does not interact with other countries
In the context of economies, a closed economy is characterized by which of the following?
In the context of economies, a closed economy is characterized by which of the following?
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What is the main distinguishing feature of an open economy compared to a closed economy?
What is the main distinguishing feature of an open economy compared to a closed economy?
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Which factor significantly impacts the economic landscape of open economies, as mentioned in the text?
Which factor significantly impacts the economic landscape of open economies, as mentioned in the text?
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