Countries often impose import quotas on foreign goods to reduce competition for domestic industries.

Question

Quizplus · Accepted Answer

The term used to describe the act of imposing import quotas on foreign goods to reduce domestic competition is protectionism. It is commonly used by countries to protect their own industries and producers from foreign competition. This is also meant to create an environment in which domestic industries can grow and expand.

Countries Often Impose Import Quotas on Foreign Goods to Reduce