A policy of developing local industries that can compete with imports is referred to as ?
Correct answer: C. import substitution
- A. export promotion
- B. industrial promotion
- C. import substitution
- D. unbalanced growth
Explanation
Import substitution means producing domestically the goods that were previously imported, usually through protection or other support for local industries. Export promotion instead focuses on making goods competitive in foreign markets.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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