Which of the following is TRUE about the economic policy of "protectionism"?
A) It raises prices of foreign goods in domestic markets.
B) It restricts competitive forces in domestic markets.
C) It can be achieved through quotas and tariffs.
D) All of these statements are correct.

Question

Quizplus · Accepted Answer

All of the statements are correct. Protectionism is an economic policy that aims to shield domestic industries from foreign competition. This can be achieved through measures such as quotas, tariffs, and other trade barriers, which raise the prices of foreign goods in domestic markets and restrict competitive forces.

Which of the Following Is TRUE About the Economic Policy