Practice Trade Policy: Import Substitution (2.5)

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9 questions

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6 sample questions

Question 1.
What does import substitution aim to achieve?
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Think about domestic vs foreign production.
Question 2.
Name one method of protection used in trade policy.
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What is a tax on imports?
3Question 3.
What is the primary goal of import substitution?
- To increase imports
- To replace foreign goods with domestic goods
- To promote exports
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Think about domestic production focus.
4Question 4.
True or False: Import substitution can lead to improved competition and product quality.
- True
- False
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Consider the lack of competitive pressure on local producers.
Question 5.
Evaluate the impact of India’s trade policies on global trade relationships in the late 20th century.
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Consider how isolation affects diplomacy and trade agreements.
Question 6.
Propose a balanced approach for India that encourages domestic production while fostering international trade.
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Think about combining protection with an export push.

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