1.

Define the following terms (a) Outsourcing `" "` (b) Quota

Answer» Correct Answer - a
Import Substitution : The policy aimed at replacing or substituting imports with domestic production by protecting the domestic industries from foreign competition is known as Import Substitution.
b) Quota : Quantitative restrictions on imports for the protection of the domestic firms from foreign competition. Under this quantity of goods which can be imported is specified by the state.


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