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Question
Are the concepts of demand for domestic goods and domestic demand for goods the same?
Options
True
Partially true
False
None of the above
MCQ
Solution
Partially true
Explanation:
Domestic demand for goods and domestic demand for goods are comparable concepts in a closed economy. These two phrases, however, have different meanings in an open economy. Internal demand encompasses both domestic and international demand for domestic commodities. Local demand for goods, on the other hand, refers to a country's domestic market demand for items produced domestically or elsewhere (foreign countries).
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