Question

What is the policy of producing the goods domestically which are similar to imports called ?
(A) Privatization (B) Liberalization (C) Import substitution. (D) Globalization​

Answer 1

Answer:

Answer is C option Import Substitution

Explanation:

Import substitution is a strategy under trade policy that abolishes the import of foreign products and encourages for the production in the domestic market. The purpose of this policy is to change the economic structure of the country by replacing foreign goods with domestic goods.

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