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| 1. |
Define the following terms (a) Outsourcing `" "` (b) Quota |
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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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