SSC
GENERAL ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The purpose of protection is to
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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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Explanation:
Detailed explanation-1: -The objective of trade protectionism is to protect a nation’s vital economic interests such as its key industries, commodities, and employment of workers. Free trade, however, encourages a higher level of domestic consumption of goods and a more efficient use of resources, whether natural, human, or economic.
Detailed explanation-2: -Infant or Fledging industry Argument. Protection of Strategic Industries. Protection against Dumping. 22-Mar-2021
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