An economy that trades with and has financial dealing with other countries is called a/an ________ economy?
Correct answer: C. open
- A. free-trade
- B. autarkic
- C. open
- D. mixed
Explanation
An open economy conducts trade and financial transactions with other countries. An autarkic economy, by contrast, is largely self-sufficient and closed to external dealings.
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About Macroeconomics
The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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