When the Australian economy was based on import-substitution manufacturing, which of the following was emphasized?
A. Protectionist policies
B. Expansionist policies
C. Domestic manufacturing was discouraged
D. Domestic production assured national prosperity
Answer (2)
When the Australian economy was based on import substituting manufacturing emphasized protectionist policies (A). Under import substituting manufacturing domestic production of manufactured goods is supported while instituting protectionist policies to prevent the importation of goods. The goal if ISI is to encourage domestic businesses to develop and to decrease the competition from imported goods.
The Australian economy's focus on import-substitution manufacturing emphasized protectionist policies (A), which included tariffs and quotas aimed at supporting domestic production. This strategy aimed to reduce reliance on imports and promote local industries. Ultimately, protectionism was thought to lead to national economic prosperity.
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