Answered: Protectionism attempts to protect…

Business

Economics

Protectionism attempts to protect domestic businesses from outside influence and competition. O True False

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter18: Trading With Other Nations

Section18.3: Restrictions On World Trade

Problem 4R

See similar textbooks

Related questions

Q: do you support the protectionist tariffs for the usa. is so for what instances and reasons, if not,…

A: Protectionist tariff is the tariff imposed on imports by government to save the domestic economy…

Q: Protectionism refers to open trade. O True False

A: Protectionism refers to restrictions impose on free trade. It is mainly imposed to protect the…

Q: A tariff means increased revenue for the government. True False

A: A tariff is a type of tax imposed on imported goods. The imposition of tariffs increases the…

Q: The graph below shows the United States' domestic market for lamps. What is the total amount of…

A: Partial protectionism is the economic policy that imposes tariffs and barriers on trade of imported…

Q: Protectionism uses tariffs as trade barriers. O True O False

A: A trade barrier is the set of restrictions that the country’s government imposes on international…

Q: Supporters of import restrictions and protectionist policies place greater weight on producer…

A: The gain realized by the consumers when the maximum price that they are willing to pay for a product…

Q: What are the three benefits that Botswana can receive by implementing trade barriers or…

A: Trade barriers are the government actions used to limit the inflow and outflow of international…

Q: Describe how protectionism affects the price of the protected good in the domestic market? Who ends…

A: In order to defend their home nations against international competition, businesses often adopt a…

Q: Some commentators have said that the WTO interferes with countries' domestic policies because a. it…

A: The WTO facilitates global trade by providing a platform for negotiations and dispute resolution. It…

Q: Should countries in financial distress be permitted to install temporary tariff and nontariff…

A: Tariffs are direct taxes levied on commodities. Non-tariff barriers, on the other hand, are placed…

Q: Contrast the pros and cons of protectionist policies

A: The policy that allows the government to promote domestic producers and boost goods and services…

Q: Protectionist governments sometimes use tariffs to prevent imports. O True False

A: Economist promotes the free trade as free trade leads to optimal allocation of the world resources…

Q: Please search for current news sources that highlight the rise of protectionism or nationalism in…

A: Nationalism is an ideology that emphasizes the promotion of the interests of a particular nation,…

Q: What would someone who supports protectionism likely say? A. The United States should end tariffs so…

A: Answer: Correct option: C Explanation: Protectionism refers to the restriction of international…

Q: Protectionism is the practice of protecting domestic business against foreign competition, is very…

A: Protectionism is the government-imposed policy that restricts the tariff on imported goods,…

Question

Protectionism attempts to protect domestic businesses from outside influence and competition.
O True
False

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1- Introduction

VIEW

Step 2- Explanation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Name and define three policy tools for enacting protectionism.
Who does protectionism protect? From what does it protect them?
How does protectionism affect the price of the protected good in the domestic market?
If trade barriers hurt the average worker in an economy (due to lower wages), why does government create trade barriers?
Economists sometimes say that protectionism is the second-best choice for dealing with any particular problem. What they mean is that there is often a policy choice that is more direct or effective for dealing with the problemâ€”a choice that would still allow the benefits of trade to occur. Explain why protectionism is a second-best choice for helping workers as a group helping industries stay strong protecting the environment advancing national defense
How can governments identify good candidates for infant industry protection? Can you suggest some key characteristics of good candidates? Why are Industries like computers not good candidates for infant industry protection?
What factors does Paul Krugman identity that supported expanding international trade in the 1800s?
You just overheard your friend say the following: Poor countries like Malawi have no absolute advantages. They have poor soil, low investments in formal education and hence low-skill workers, no capital, and no natural resources to speak of. Because they have no advantage, they cannot benefit from trade. How would you respond?
Is it legitimate to impose higher safety standards on imported goods that exist in the foreign country where the goods were produced?
Why would countries promote protectionist laws, while also negotiate for freer trade internationally?
Why might the unsafe consumer products argument be a more effective strategy (from the perspective of the importing country) than using tariffs or quotas to restrict imports?
If trade increases world GDP by 1 per year, what is the global impact of this increase over 10 years? How does this increase compare to the annual GDP of a country like Sri Lanka? Discuss. Hint To answer this question, here are steps you may want to consider. Go to the World Development Indicators (online) published by the World Bank. Find the current level of World GDP in constant international dollars. Also, find the GDP of Sri Lanka in constant international dollars. Once you have these two numbers, compute the amount the additional increase in global incomes due to trade and compare that number to Sri Lankas GDP.