The decision to copy goods previously available only by trading is known as
A) export reproduction.
B) import substitution.
C) patent purchase.
D) product cloning.
E) economic imperialism.

Question

Quizplus · Accepted Answer

The decision to copy goods previously available only by trading is known as import substitution. This typically involves a country importing technology and knowledge in order to produce goods that were previously only available through imports, thus reducing dependence on foreign trade and boosting domestic production.

The Decision to Copy Goods Previously Available Only by Trading