What Restriction Would The Government Impose In A Closed Economy?
a. The government would prohibit trade with other nations.
b. The government would set the prices for imported goods.
c. The government would preserve traditional customs only.
d. The government would prevent private ownership of property.
The correct answer is option A) The government would prohibit trade with other nations
Macroeconomics is a study of social sciences and economics that focuses on learning insights into a country’s economy.
Macroeconomics helps us determine the gross domestic product, national income, per capita income, and unemployment rates. The study of economics helps us to understand the appropriate allocation of resources in the economy.