Loading...
UPSC 2011: “A closed economy” is an economy in which
(a)the money supply is fully controlled
(b)deficit financing takes place
(c)only exports take place
(d)neither exports nor imports take place
Attempt This Question
Not attemptedCorrect Answer: (d) neither exports nor imports take place
A closed economy is self-sufficient and engages in no trade with the rest of the world, meaning it has neither exports nor imports. Option (d) correctly captures this defining characteristic. ([testbook.com](https://testbook.com/question-answer/a-closed-economy-is-an-economy-in-whic--601fd3e9f4dd86f5ba3b7048?utm_source=openai))
Related Current Affairs
Related UPSC Questions
More from International Trade & WTO
2010easy
The SEZ Act, 2005 which came into effect in February 2006 has certain objectives. In this context, consider the following : 1. Development of infrastr
2010easy
As regards the use of international food safety standards as reference point for the dispute settlements, which one of the following does WTO collabor
2015easy
The terms ‘Agreement on Agriculture’, ‘Agreement on the Application of Sanitary and Phytosanitary Measures’ and ‘Peace Clause’ appear in the news freq
Frequently Asked Questions
What is the correct answer to this UPSC 2011 Indian Economy question?▼
The correct answer is option (d): neither exports nor imports take place. Watch the detailed video explanation in our Sherlocking Prelims course on UnlockIAS.
Which year was this International Trade & WTO question asked in UPSC Prelims?▼
This question was asked in UPSC CSE Prelims 2011, GS Paper 1, as Question 17. It falls under Indian Economy > International Trade & WTO.
What is the difficulty level of this UPSC question?▼
This question is rated "easy". It tests basic recall and most well-prepared aspirants should answer it correctly.
How many UPSC Prelims questions have been asked from International Trade & WTO?▼
UPSC has asked 38 questions from International Trade & WTO (under Indian Economy) across multiple years. Visit the topic page to see the full list and year-wise trends.