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JAMB Economics 1999 Question 28

Question 28

Industrialisation

Import substitution industrialization refers to

  1. A.the concentration of industries for even development
  2. B.setting up of industries for regional development
  3. C.a situation in which local industries are set up to produce goods formerly imported
  4. D.the banning of imports which are substitutes for domestically produced goods.
Show the answer and explanation

Answer: C (a situation in which local industries are set up to produce goods formerly imported)

Explanation

Import substitution means building local factories to make goods the country used to import.