Which Term Refers to the Strategy of Producing Domestically Those

question 21

Multiple Choice

Which term refers to the strategy of producing domestically those goods that a country has been importing?

• A)Import substitution
• B)Export promotion
• C)Terms of trade
• D)Late development

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Definitions:

Upward-Sloping

Typically refers to the positive slope of a supply curve in economics, indicating that as the price increases, the quantity supplied also increases.

Output

The collective volume of products or services generated by an enterprise, sector, or economic system.

Average-Total-Cost Curve

A graphical representation showing the average cost per unit of output at different levels of production, typically U-shaped due to economies and diseconomies of scale.

Production Function

A mathematical model that describes the relationship between input factors and the output of goods or services.