Which of the following is the definition of a closed economy?

Q. Which of the following is the definition of a closed economy?

1. A closed economy is a type of economy where the money supply is totally controlled by the government
2. A closed economy is a type of economy where neither exports nor imports take place
3. A closed economy is a type of economy where deficit financing takes place
4. A closed economy is a type of economy where there are no exports to other countries

Answer: A closed economy is a type of economy where neither exports nor imports take place