Q27
What is meant by Autarky in international trade?
A.
Monopoly in international trade
B.
Imposition of restrictions in international trade
C.
Removal of all restrictions from international trade
D.
The idea of self sufficiency and no international trade by a country
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
Autarky in international trade means the idea of self sufficiency and no international trade by a country. A country is said to be in a complete state of autarky if it has a closed economy, which means that it does not engage in international trade with any other country.