ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Those in favor of protectionist trade policies would most likely
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Believe that trade restrictions harm consumers
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Argue in support of free trade
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Support reducing tariffs
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Favor less trade in order to preserve domestic jobs
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Explanation:
Detailed explanation-1: -There is a broad consensus among economists that protectionism has a negative effect on economic growth and economic welfare, while free trade and the reduction of trade barriers has a positive effect on economic growth. Protectionism is frequently criticized by economists as harming the people it is meant to help.
Detailed explanation-2: -A protectionist trade policy may allow governments to promote domestic trade and production in goods and services, imposing tariffs subsidies, and quotas or otherwise limiting foreign goods and services in the marketplace.
Detailed explanation-3: -Lower imports: Protectionist policies help reduce import levels and allow the country to increase its trade balance.
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