Protectionism
A)is the use of cheap labour to protect firms from paying high wages.
B)is the use of trade barriers to protect domestic firms from foreign competition.
C)refers to reductions in tariffs and other barriers that protect consumers from paying high prices.
D)refers to the use of copyright and trademark laws to protect inventors and artists from losing the rights to their creative efforts.

Question

Quizplus · Accepted Answer

Protectionism is the use of trade barriers, such as tariffs and quotas, to limit the import of foreign goods and protect domestic industries from foreign competition. It is meant to shield domestic firms from outside competition and reduce reliance on foreign goods.