The Experience of Chile's Foreign Sector in the Last Two

question 28

Multiple Choice

The experience of Chile's foreign sector in the last two decades of the 20th century supports the proposition that economic growth is supported by

• A) import substitution.
• B) industrialization policies.
• C) trade liberalization policies.
• D) intra-industry trading.
• E) trade embargoes.

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Definitions:

Wages

Wages refer to the fixed regular payment, typically calculated on a hourly, daily, or piecework basis, made by an employer to an employee.

Interest Rates

The percentage charged on borrowed money, influencing economic growth by affecting consumer spending and investment.

Equilibrium

A state in a market where supply equals demand, and there are no external forces prompting further change, leading to a stable price and quantity.

Quantity Demanded

The entirety of a good or service's amount that patrons are equipped and desirous to buy at a specified price rate.