Which of the following best describes importing in the context of international trade?

• A. Selling domestically produced goods or services to foreign countries
• B. Producing goods exclusively for domestic consumption
• C. Purchasing goods or services from foreign countries to bring into the domestic market
• D. Restricting the flow of goods and services between countries

Answer: (C)

Verified step by step guidance

1. Understand the concept of importing in international trade, which involves the movement of goods or services from foreign countries into the domestic market.
2. Recognize that importing is distinct from exporting, where exporting means selling domestically produced goods or services to foreign countries.
3. Eliminate options that describe exporting (selling to foreign countries), domestic production for local consumption, or trade restrictions, as these do not define importing.
4. Focus on the option that describes purchasing goods or services from foreign countries to bring into the domestic market, as this aligns with the definition of importing.
5. Conclude that importing refers to the act of buying foreign goods or services and bringing them into the domestic economy for consumption or resale.