Explain import substitution
What will be an ideal response?
Import substitution is an industrial trade strategy that favors developing local industries that can manufacture goods to replace imports.
Economics
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If an economy is producing a level of output that is on its production possibilities curve, the economy
A) has idle resources. B) has idle resources but is using resources efficiently. C) has no idle resources but is using them inefficiently. D) has no idle resources and is using resources efficiently.
Economics
Suppose output is $440 billion, government purchases are $40 billion, desired consumption is $320 billion, and net exports are $35 billion. Then desired investment equals
A) $20 billion. B) $30 billion. C) $35 billion. D) $45 billion.
Economics