The Policy of Import Substitution Was Most Vigorously Followed By

question 11

Multiple Choice

The policy of import substitution was most vigorously followed by:

• A)large developing nations during the 1970's
• B)large developing nations during the 1960's
• C)small developing nations during the 1970's
• D)small developing nations during the 1960's

---

Definitions:

Excess Capacity

A situation where a firm operates below its maximum production capacity, indicating it can increase output without incurring higher fixed costs.

Variable Costs

Expenses that change in proportion to the level of goods or services produced, such as materials and labor costs.

Repeat Customers

Customers who return to a business to make subsequent purchases, showing loyalty and continued interest in a company's products or services.

Credit Scoring

A statistical analysis performed by lenders to assess the credit worthiness of credit applicants.