Import substitution as a strategy of industrialization is the

Economics

WAEC 2020

A. replacement of locally produced goods with imported ones
B. development of locally produced goods with imported ones
C. establishment of firms to process imported raw materials
D. act of using local inputs to produce goods for export

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Correct Answer: Option B

Explanation

Import substitution as a strategy of industrialization is a trade policy that advocates for the replacement of foreign imported goods with locally made goods.

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Import substitution as a strategy of industrialization is the

Correct Answer: Option B

Explanation

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