Question

Protectionist" trade policies are designed to A) increase imports. Eliminate B) protect domestic industry. C) reduce tariffs on foreign products. D) increase government transfer payments

Answer 1

Protectionist Trade policies were designed to protect the domestic industry. (B)

Further Explanations:

Protectionism is defined as the economic policy that restricts import into the country by practices like tariffs on import goods, import quotas, and other administrative rules. It is claimed that the protectionist policies protected the producers, worker businessman of the country from foreign businesses but at the same time they were reducing the trade that was adversely affecting the consumers and harshly affecting the producers of the export sector. This left a negative impact on the economic condition and economic growth of the country.

As per the positive aspect like free trade, reduction of trade barriers and deregulation proved itself beneficial in terms of economic growth but for a short interval. It is also believed that the prime cause behind the Great Depression was the Protectionist policies as their policies resulted in an unequal distribution of losses and gains in the economy.

Some economists believed that they left an appositive impact on the economy and some believe d that they left a negative impact of the economy, but their policies laid emphasis on protecting the domestic trade of the country.

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Answer Details

Grade: High School

Subject: History

Chapter: Protectionism

Keywords: Protectionism , protectionist , adversely , economic  , Depression, deregulation , appositive , administrative , emphasis  , beneficial .

Answer 2

Answer should be B. protect domestic industry