What is the term for the policy of replacing or substituting imports with domestic production?

Correct option is B

· The term for the policy of replacing or substituting imports with domestic production is import substitution.
· This is a trade and economic policy that advocates for replacing foreign goods and services with domestically produced goods and services.
· The goal is to reduce reliance on imports and promote domestic industries, thereby fostering economic self-sufficiency and growth.
Details or other option-
· Import liberalization: This refers to the reduction or removal of barriers to imports, such as tariffs and quotas, to promote free trade and encourage international trade relations.
· International trade: This broadly refers to the exchange of goods and services across national borders, encompassing both imports and exports.
· Export-led growth: This policy emphasizes promoting economic growth through increased exports, typically by focusing on industries that can compete effectively in international markets.