Protectionism refers to
A)the practice of purchasing products exclusively from a domestic market in order to shore up a nation's economy.
B)the use of tariffs, quotas, and boycotts with the expressed intention of putting a foreign competitor out of business.
C)the practice of shielding one or more sectors of a country's economy from foreign competition through the use of tariffs or quotas.
D)a form of domestic imperialism that holds that only those products manufactured on one's home nation are of sufficient quality to warrant purchase.
E)the practice of purchasing products exclusively from a domestic market in order to cause intentional harm to an adversarial nation.

Question

Quizplus · Accepted Answer

Protectionism refers to the practice of protecting one or more sectors of a country's economy from foreign competition through the use of tariffs, quotas, or other trade barriers. This is typically done to promote domestic businesses and industries, keep jobs at home, and protect national security. While protectionism can have some short-term benefits, many economists argue that it can ultimately lead to reduced efficiency, higher prices for consumers, and decreased economic growth.

Protectionism Refers to