<p>Instead of importing every item <strong>in exchange for</strong> oil, the government is intent on producing its own manufactured products.</p>
<p>The correct answer is <strong>(C) in exchange for</strong>.</p>
<p>The phrase "in exchange for" is used to indicate that something is given or received in return for something else. In this sentence, it means that the government used to import every item and give oil in return. However, now they have changed their approach and are focused on producing their own products instead of relying on imports.</p>
<p>The other options are not appropriate in this context:</p>
<p>(A) "in excess of" means more than or beyond a certain amount, which does not fit the meaning of the sentence.</p>
<p>(B) "in charge of" means responsible for or in control of something, which is not the intended meaning in this sentence.</p>
<p>(D) "in respect of" means concerning or regarding, which does not convey the same meaning as the sentence.</p>