Import substitution industrialization in Latin America
A) relied on increased exports.
B) provided subsidies for exports.
C) shifted the bulk of exports away from primary commodities.
D) created disincentives to export.
E) Answers A and C are correct.
D
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In the large country case, when a tariff is imposed, the country:
a. sees a terms-of-trade gain. b. is able to reduce world price of the imported good. c. is going to experience an increase in consumer surplus. d. sees a terms-of-trade gain and is able to reduce world price of the imported good.
How is a monopolistically competitive firm similar to a monopoly firm?
A) Both produce where marginal revenue equals marginal cost. B) Both will observe entry into the industry if economic profit is positive. C) Both produce a unique good. D) Both produce where price equals marginal cost.