Question
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.
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.
Answers
GPT-4o mini
In a closed economy, the most relevant restriction that the government would impose is that **the government would prohibit trade with other nations**. A closed economy is characterized by self-sufficiency and limited or no interaction with global markets, which includes not engaging in international trade. The other options mentioned may be related to certain policies but do not specifically define the essential characteristic of a closed economy.