Note this

Never define any term by using thesame words as the term itself.

Do not give the empty wordssocial andsociety in your answers. Also please do not use other ambiguous cliche words such assuperstructure, socio-political and socioeconomic. This is an economics class. In this class, you must give reasons that contain information.

When you are asked to give different reasons, do not make a subsequent reason a repeat of an earlier reason, simply re-written from the opposite perspective.

Question 11

A.What isimport substitution? Give an example of import substitution being tried.

B. What is import substitution's expected benefit?

C. How does the policy of import substitution, violate the principles of economics? What is the name of the economic principle violated by import substitution?

D. Identify all parties who pay the costs of import substitution, and specify how each of those parties pays the cost.