Import Substitution

question 23

Multiple Choice

Import substitution:

• A) protects domestic industries until they are efficient enough to compete in the world market.
• B) incentivizes consumers to substitute imported goods for domestic goods.
• C) encourages domestic industries to ship exports to other countries.
• D) mandates that imports can only be sold if the domestic economy does not produce that good.

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Definitions:

On-demand

Refers to services or systems that are available anytime as per the user's request or need.

Open-source

Software for which the original source code is made freely available and may be redistributed and modified.

Manual Loading

The physical action of loading goods or materials by hand without the use of automated machinery or technology.

Rapid Pace

Describes a situation or process that is moving or happening very quickly or in a short time span.