Consider the following statements regarding trade policy 1 the strategy was import substitutio...........

Economic Affairs NCERT

Consider the following statements regarding trade policy

1) the strategy was import substitution aimed at replacing imports from domestic production

2) it take two forms: tariffs which are the tax on the domestic goods and the quotas which specify the quantity of goods which can be imported.

select the correct code

1 only

2 only

both 1 and 2

neither 1 nor 2

tariffs are tax on imported goods . the purpose is to restrict imports and protect the domestic firms from foreign competiton.

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