Import substitution aims to improve the balance of payments by lowering import dependency (option c). Here's how it works:

1. Import substitution is an economic policy that encourages domestic industries to produce goods that the country would otherwise import.

2. By doing this, the country reduces its dependency on foreign goods.

3. This means that the country will spend less on imports, which improves its balance

Question

Import substitution aims to improve the balance of payments by lowering import dependency (option c). Here's how it works:

1. Import substitution is an economic policy that encourages domestic industries to produce goods that the country would otherwise import.

2. By doing this, the country reduces its dependency on foreign goods.

3. This means that the country will spend less on imports, which improves its balance

Knowee AI · Accepted Answer

Import substitution aims to improve the balance of payments by lowering import dependency (option c). Here's how it works:

1. Import substitution is an economic policy that encourages domestic industries to produce goods that the country would otherwise import.

2. By doing this, the country reduces its dependency on foreign goods.

3. This means that the country will spend less on imports, which improves its balance

How does import substitution aim to improve the balance of payments?(1 Point)a) By increasing importsb) By reducing exportsc) By lowering import dependencyd) By increasing import tariffs