A Strategy of Restricting Imports and Substituting Domestic Production of Those

question 28

Multiple Choice

A strategy of restricting imports and substituting domestic production of those goods is called

• A) trade restraint strategy.
• B) import substitution strategy.
• C) trade blockage strategy.
• D) export substitution strategy.

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Definitions:

Budget Constraint

The limitations on the consumption patterns of individuals or households, given their income and the prices of goods and services.

Choice Set

A collection of all possible options available to a consumer or decision-maker.

Choice Set

A collection of all the possible options available for a consumer to choose from in making a decision.

Clothing

Fabrics and textiles used for making garments that are worn on the body.