ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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increase income for the whole economy.
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increase income for the protected industry.
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increase efficiency in the protected industry.
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increase the volume of trade.
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Detailed explanation-1: -What Is Protectionism? Protectionism refers to government policies that restrict international trade to help domestic industries. Protectionist policies are usually implemented with the goal to improve economic activity within a domestic economy but can also be implemented for safety or quality concerns.
Detailed explanation-2: -protectionism, policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors.
Detailed explanation-3: -Protective tariffs are designed to shield domestic production from foreign competition by raising the price of the imported commodity. Revenue tariffs are designed to obtain revenue rather than to restrict imports.
Detailed explanation-4: -Protection involves any policies used by an economy to give it an artificial advantage over foreign competitors, hence restricting imports into the domestic economy.