The term used by economists to describe a situation in which one country raises tariffs and other countries retaliate by raising tariffs on the first country's exports is
A) embargo.
B) globalization.
C) trade war.
D) autarky.

Question

Quizplus · Accepted Answer

A trade war occurs when a country imposes tariffs or quotas on imports and foreign countries retaliate with similar forms of trade protectionism.

The Term Used by Economists to Describe a Situation in Which