What is meant by Autarky in international trade?

Monopoly in international trade
Imposition of restrictions in international trade
Removal of all restrictions from international trade
The idea of self sufficiency and no international trade by a country

The correct answer is D. Autarky is the economic policy of a country which aims to achieve self-sufficiency in all aspects of economic activity, especially with reference to the production of goods and services. Autarky is often pursued as a way to protect a country’s economy from the volatility of the global market. However, it can also lead to inefficiencies and higher prices for consumers.

Option A is incorrect because monopoly is a market structure in which there is only one seller of a good or service. Option B is incorrect because the imposition of restrictions in international trade is known as protectionism. Option C is incorrect because the removal of all restrictions from international trade is known as free trade.

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