How Does Import Substitution Compare with Export-Led Growth

question 29

Multiple Choice

How does import substitution compare with export-led growth?

• A)Import substitution is effective in later phases of economic development,whereas export-led growth is effective in all phases of economic development.
• B)Import substitution works best when the local industry is a service industry,whereas export-led growth works best when the exports are raw materials.
• C)Import substitution has proven effective where it has been used,whereas export-led growth has had limited success.
• D)Import substitution seeks to develop local industries to produce items that the country had been importing,whereas export-led growth seeks to develop local industries that can compete in specific niches in the world economy.

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Definitions:

Rate-Limiting Factor

A term describing the component of a process that determines the overall rate or speed of the process, often the slowest step in a series of steps.

Dopamine Synthesis

The biochemical process by which the brain produces the neurotransmitter dopamine, a crucial substance involved in movement, motivation, and the experience of pleasure.

L-dopa

A precursor to dopamine used in the treatment of Parkinson's disease to increase dopamine levels in the brain.

Inhibitory Neurotransmitter

Chemical substances released by neurons in the brain to reduce the activity of other neurons, playing a key role in the modulation of neural circuits.