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An economy which does not have any relation with the rest of the world is known as
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- Socialist economy
- Closed economy
- Open economy
- Mixed economy
- Socialist economy
Correct Option: B
A Closed economy is an economy in which no activity is conducted with outside economies. A closed economy is self-sufficient, meaning that no imports are brought in and no exports are sent out. The goal is to provide consumers with everything that they need from within the economy's borders.
