GENERAL KNOWLEDGE

Detailed explanation-1: -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: -Trade barriers are taxes and other political restrictions taken against imports by a nation. These are usually government-induced. Types of trade barriers include tariffs, quotas, and embargoes.

Detailed explanation-3: -These effects include: Consumers’ limited choice and pay more for goods and services. A key effect of trade protectionism is that consumers will have a limited choice of products and goods since there may be quotas on how much may be imported.

Detailed explanation-4: -Protectionism is the practice of following protectionist trade policies. A protectionist trade policy allows the government of a country to promote domestic producers, and thereby boost the domestic production of goods and services by imposing tariffs or otherwise limiting foreign goods and services in the marketplace.