The idea behind the traditional industrial policy of import substitution is:
A. to protect infant industries until they can become price competitive in the world market.
B. give certain industries a chance to enter a market and gain efficiencies that companies elsewhere in the world have already gained in that industry.
C. build up home industries to compete with others in the world.
D. All of these statements are true.
D. All of these statements are true.
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If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable if:
a. it increases revenue more than costs or reduces costs more than revenue b. it decreases some costs more than it increases others (assuming revenues remain constant) c. it increases some revenues more than it decreases others (assuming costs remain constant) d. all of the above e. b and c only
An example of a payoff in a game would be:
A. a salary. B. winning an election. C. having clean drinking water. D. All of these are examples of payoffs.