____ was a strategy for industrial development popular in Latin America in the 1950s 1 1960s for promoting domestic production by erecting high protective tariffs on imports of manufactured goods ?
Correct answer: B. import substitution
- A. export led growth
- B. import substitution
- C. dynamic hedging
- D. countervailing duties
Explanation
Import substitution promotes domestic production by protecting local industries from foreign competition through tariffs and import restrictions. Export-led growth instead relies on expanding sales in foreign markets.
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Pakistan's economy is examined through agriculture, industry, services, trade, remittances, employment, population, poverty and regional development. The topic also covers GDP and national income, inflation, fiscal and monetary policy, taxation, public debt, the balance of payments, energy constraints and structural challenges, including the role of the State Bank and development planning.
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