Explanation

(a) Infant industries are newly established industries that at the developing stage and need protection so that their products can effectively compete with the products of long established international businesses.

(b) It is necessary to protect infant industries for the following reasons:
(i) In order that the economy can become self-reliant.
(ii) To encourage domestic production.
(iii) To encourage consumption of locally produced goods.
(iv) To conserve scarce foreign exchange.
(v) To create employment for the citizens.
(vi) To develop the local market.
(vii) To develop indigenous technology and expertise.
(viii) To attract more foreign investments.
(ix) To prevent dumping.
(x) To increase the level of domestic income.
(xi) To improve the balance of payments position.
(xii) Protection of infant industries encourages industrialization leading to diversification of the economy.
(xiii) If infant industries are protected, with time they will a source of revenue to government through tax payments.

(c)(i) Bank loans
(ii) Issuing of shares
(iii) Sales of debentures
(iv) Ploughed back profit
(v) Trade credit 
(vi) Personal savings
(vii) Borrowing from other sources
(viii) Assistance from government
(ix) Sale of properties/assets.

• May/ June waec question 2012 no.12? Answer this

  0 Answers   ·   Physics   ·   8 minutes ago
• write 10 examples in vowel number 4 and it must be in three letters words? Answer this

  0 Answers   ·   English Language   ·   1 hour ago
• A number p is the algebraic sum of two terms, one of which varies directly as x and the other... Answer this

  2 Answers   ·   Mathematics   ·   3 years ago