Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 21, Problem 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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