GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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increase export
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make exported goods cheaper
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increase foreign competition
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restrict imports and protect domestic firms from foreign competition
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Detailed explanation-1: -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-2: -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-3: -How are quotas and tariffs typically applied to restrict international trade? Tariffs are taxes on imported goods and services, and quotas limit the number of imported goods and services.