Which of the following best describes protectionism?
A) It uses artificial barriers to protect home products.
B) It is based on the concept of absolute advantage.
C) It allows people to buy and sell where they please.
D) It prohibits tariffs, embargoes, and import quotas.

Question

Quizplus · Accepted Answer

Protectionism is a policy of using artificial barriers such as tariffs, quotas, and subsidies to protect domestic industries from foreign competition. Thus, it uses barriers to protect home products from foreign competition.

Which of the Following Best Describes Protectionism