Match List-I with List-II.

Choose the correct answer  from the options given below :

(A)-(IV), (B)-(II), (C)-(III), (D)-(I)

The correct answer is option (1) : (A)-(IV), (B)-(II), (C)-(III), (D)-(I)

Quotas specify the quantity of goods which can be imported.

Import Substitution : A policy of the state for development of economy in which import of goods is generally substituted by domestic production (through import controls, tariffs and other restrictions) with a view to encourage domestic industry on grounds of self-sufficiency and domestic employment. In this policy the government protected the domestic industries from foreign competition.

Tariffs are a tax on imported goods; they make imported goods more expensive and discourage their use.

Subsidy : The monetary assistance given by government for production activities.