The policy that is preferred by the domestic producers and consumers between import-substitution policy and export-promotion policy. Concept Introduction: The measures taken by the government to reduce the import of goods and services by promoting local businesses to develop the goods and services indigenously is known as import-substitution policy, whereas the measures taken by the government to promote the export of locally produced goods and services in the global market is known as an export-promotion policy.

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Chapter 21, Problem 2.3P

To determine

The policy that is preferred by the domestic producers and consumers between import-substitution policy and export-promotion policy.

Concept Introduction:

The measures taken by the government to reduce the import of goods and services by promoting local businesses to develop the goods and services indigenously is known as import-substitution policy, whereas the measures taken by the government to promote the export of locally produced goods and services in the global market is known as an export-promotion policy.

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