Question

The practice of shielding one or more sectors of a country’s economy from foreign competition through the use of tariffs or quotas is referred to as A. domestic imperialism. B. protectionism. C. blocked competition. D. import taxation E. trade restriction.

Answer 1

Answer: B: Protectionism

Explanation:

Protectionism is known to be a form of trade policy which the government of a particular country uses to preserve and protect its local industries from other countries. This is used in order to encourage local production of goods and services and make the local goods, cheaper and foreign goods, costly.  Types of protectionism include: tariffs, subsidies, import quotas and so on. The most common type of protectionism is tariff. Thus, tariff is known to be a form of tax which the government levied on imported goods and services from other countries.