Which term refers to a government measure taken to protect domestic industry, potentially including tariffs, quotas, or subsidies?

Which term refers to a government measure taken to protect domestic industry, potentially including tariffs, quotas, or subsidies?

• A. Tariffs
• B. Quotas
• C. Protectionism
• D. Subsidies

Answer: (D)

Protectionism is the practice of shielding a country's domestic industries from foreign competition through government actions. It encompasses tools like tariffs (taxes on imports), quotas (limits on import quantities), and subsidies (financial support to domestic producers). These measures are all used to make domestic goods more competitive relative to imports and to protect jobs and industries. The term that describes the overall approach of taking government measures to protect domestic industry is protectionism.

Protectionism is the practice of shielding a country's domestic industries from foreign competition through government actions. It encompasses tools like tariffs (taxes on imports), quotas (limits on import quantities), and subsidies (financial support to domestic producers). These measures are all used to make domestic goods more competitive relative to imports and to protect jobs and industries. The term that describes the overall approach of taking government measures to protect domestic industry is protectionism.