Question 6(1 point)

Which of the following best describes the difference between a closed economy and an open economy?

Question 6 options:

A closed economy has no household sector while an open economy includes a household sector.

A closed economy has no foreign sector while an open economy includes a foreign sector.

A closed economy has no inventories while an open economy includes inventories.

A closed economy has no government sector while an open economy includes a government sector.

A closed economy has no nonprofit institutions while an open economy includes nonprofit institutions.