Question

What is one example of a closed economy

Answer 1

Answer:

One example of closed economy is Brazil.

Explanation:

Closed economy is the one that does not interact with the economies of other countries; it does not allow imports and exports. The concept of closed economy relates to self-sufficiency, however,  it does not exist a country with a totally closed economy. For example, Brazil IMPORTS the least amount of goods as possible in the world in order to protect the internal market. Hence, we could not say that Brazil does not import anything.