Which of the following statements about economists' assessment of protectionism is true?

Question

Quizplus · Accepted Answer

Economists generally agree that the costs of trade barriers exceed their benefits and create inefficiency. This is because protectionism typically results in a reduction of competition, fewer choices for consumers, higher prices, and lower quality products. Additionally, retaliatory measures from other countries can hurt the domestic economy. While there may be some short-term benefits to protectionism, in the long term it is generally not considered an effective economic policy.

Which of the Following Statements About Economists' Assessment of Protectionism