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JAMB Economics 1985 Question 42

Question 42

Industrialisation

The process by which a country attempts to reduce the import of manufactured goods by encouraging firms to produce these goods at home is described as

  1. A.export-promotion
  2. B.import-substitution
  3. C.industrialization
  4. D.export-diversification
  5. E.import-creation.
Show the answer and explanation

Answer: B (import-substitution)

Explanation

Import substitution means producing at home the manufactured goods that used to be imported.