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JAMB Economics 1994 Question 32

Question 32

Industrialisation

What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?

  1. A.Deregulation
  2. B.Import substitution
  3. C.Tariff reduction
  4. D.Backward integration
Show the answer and explanation

Answer: B (Import substitution)

Explanation

Import substitution means making at home the goods that were formerly imported.