What are the advantages and disadvantages for a developing country of pursuing a policy of ISI?
Answer to relevant QuestionsImagine that you won millions of pounds on the National Lottery. Would your ‘economic problem’ be solved?For what reasons might the price of foreign holidays rise? In each case, identify whether these are reasons affecting demand, supply, or both.Think of two things that are provided free of charge. In each case, identify whether and in what form a shortage might occur. In what ways are/could these shortages be dealt with? Are they the best solution to the shortages?Explain why the price of a good is no reflection of the total value that consumers put on it.Should all developing countries aim over the long term to become exporters of manufactured products?
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