What Is Import Substitution

question 139

Multiple Choice

What is import substitution?

• A) a policy that encourages domestic industry by imposing high tariffs on all imports
• B) a policy that substitutes imports for domestic products
• C) a policy of choosing among imports from several different countries
• D) a policy in which a country negotiates to have its products imported by international trade partners
• E) an international trade policy for members of the Latin American Free Trade Association

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Definitions:

Organize Process

A systematic method of arranging and coordinating activities or tasks to efficiently achieve a goal or output.

Logical Structure

Logical Structure refers to the conceptual organization and framework of an entity, such as a database or computer program, independent of its physical organization.

Democratic

A system or process that is based on principles of equality and fairness, often involving collective decision-making.

Sales Quotas

Target sales figures assigned to sales teams or individuals to achieve within a specific time period.