Import substitution as a strategy of industrialization is the
ECONOMICS
WAEC 2020
Import substitution as a strategy of industrialization is the
- A. replacement of locally produced goods with imported ones
- B. development of locally produced goods with imported ones
- C. establishment of firms to process imported raw materials
- D. act of using local inputs to produce goods for export
Correct Answer: B. development of locally produced goods with imported ones
Explanation
Import substitution as a strategy of industrialization is a trade policy that advocates for the replacement of foreign imported goods with locally made goods.
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