Protectionism involves countries doing all of the following except:
A) levying tariffs against firms outside the country.
B) imposing taxes on firms outside the country.
C) imposing regulations on firms outside the country.
D) restricting imports from firms outside the country.
E) liberalizing restrictions on the import of foreign goods.

Question

Quizplus · Accepted Answer

Protectionism refers to the policies adopted by a country to protect its domestic industries from foreign competition. It involves levying tariffs, imposing taxes, and introducing regulations to restrict imports from foreign firms. The option that is not a part of protectionism is liberalizing restrictions on the import of foreign goods, which means reducing or eliminating barriers to trade. This goes against the concept of protectionism and promotes free trade instead.

Protectionism Involves Countries Doing All of the Following Except