Answered: Which of the following is NOT an…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Which of the following is NOT an outcome of import substitution policy for South Africa in the long - run? Can the outcomes be different in the short and the long - run? Justify your answer using the Prebish - Singer hypothesis. a) Increased economic growth b) Reduced reliance on imports c) Export Promotion, exporting more primary commodities d) Improved trade balance

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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