The Process of Developing Local Industries to Manufacture Goods to Replace

question 93

Multiple Choice

The process of developing local industries to manufacture goods to replace imports is known as

• A) export promotion.
• B) import substitution.
• C) export favoritism.
• D) import promotion.

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Definitions:

Secondarily Liable

Liable for paying the amount designated on an instrument if the primarily liable party defaults.

Signature Liability

Liability attributed because of a party’s signature on an instrument.

Consideration Requirement

A legal principle that an agreement must involve a bargain or exchange of value between the parties to be enforceable.

Holder in Due Course

A party who has acquired a negotiable instrument in good faith and for value, thus having certain protections against defenses and claims that could be raised by prior parties.