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WAEC Economics 2020 Question 31

Question 31

Industrialisation

Import substitution as a strategy of industrialization is the

  1. A.replacement of locally produced goods with imported ones.
  2. B.development of local firms to produce local goods that are imported.
  3. C.establishment of firms to process imported raw materials.
  4. D.act of using local inputs to produce goods for export.
Show the answer and explanation

Answer: B (development of local firms to produce local goods that are imported.)

Explanation

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