Protectionism
A)is the use of cheap labor 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 refers to the use of trade barriers such as tariffs, quotas, and subsidies to protect domestic firms from foreign competition. This is done to limit imports and give a competitive advantage to domestic industries. It is often criticized as it can lead to inefficient allocation of resources and higher prices for consumers.