WAEC Economics 2020 Objective — Question 31
Question 31 of 50 from the West African Examinations Council (WAEC) Economics 2020 Objective paper, with the correct answer and a full explanation.
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Import substitution as a strategy of industrialization is the
- A. replacement of locally produced goods with imported ones
- B. development of local firms to produce local goods that are importedCorrect
- C. establishment of firms to process imported raw materials
- D. act of using local inputs to produce goods for export
Explanation
Import substitution industrialization involves developing local firms to produce goods domestically that were previously imported, reducing reliance on imports.
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