What restriction would the government impose in a closed economy? The government would prohibit trade with other nations. The government would set the prices for imported goods. The government would preserve traditional customs only. The government would prevent private ownership of property

Question

Tessa Gordon

Social Studies

11 October, 12:16

What restriction would the government impose in a closed economy? The government would prohibit trade with other nations. The government would set the prices for imported goods. The government would preserve traditional customs only. The government would prevent private ownership of property

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Answers (2)

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Cadence Mcclure · Answer 1

The correct answer is The government would prohibit trade with other nations

They would prevent all import and export and provide for the country solely from resources found within the borders of the country.

Daniella Ortiz · Answer 2

I believe the answer is: The government would prohibit trade with other nations

The purpose of a closed economy is to eliminate the competitors that faced by local businesses by preventing foreign businesses from entering local market.

One disadvantage of this type of economy is that the growth rate of the country might be really slow since there is no foreign investment to the country.