Import substitution is the replacement of ____ by domestic production _____ protection of ________?

Related Mcqs:

Major trading partners of the United States including all of the following countries except ?

A. Canada B. Mexico C. China D. North Korea...

Economists suggest that an optimum tariff would be one which reduce imports to a point where___________?

A. Comparative advantage is achieved B. Price elasticity of imports is unity and tariff revenue is maximized C. import prices are the same as export prices D. marginal social cost equals marginal social benefit...

The imposition of a tariff causes consumption to _____ and imports to _________?

A. rise, rise B. fall, rise C. fall, fall D. rise, fall...

For the United states, exports plus imports are about _____ of its gross national product?

A. 5 percent B. 10 percent C. 25 percent D. 55 percent...

The level of the equilibrium exchange rate offsets international differences in ?

A. comparative advantage B. absolute advantage C. opportunity cost D. relative costs...