Question on: JAMB Economics - 2011
The import-substitution strategy of industrialization is to encourage
A
domestic production
B
large-scale production
C
importation
D
exportation
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Correct Option: A
Import substitution, also referred to as import substitution industrialization (ISI), is a set of policies that addresses the developmental concerns of structurally deficient economic countries. As the name suggests, the ultimate goal of ISI is to promote a country’s economic industrialization by encouraging domestic production and discouraging imports of consumer goods.
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