What Argument Regarding the Need for Protectionism Is Recognized by Economists

question 1

Multiple Choice

What argument regarding the need for protectionism is recognized by economists as valid?

• A) need to keep money at home
• B) encouragement of capital accumulation
• C) industrialization of a low-wage nation
• D) conservation of natural resources
• E) maintenance of employment and reduction of unemployment

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Definitions:

Operating Expenses

Costs associated with operating a business, excluding the cost of goods sold.

Mid-Summer Sale

A Mid-Summer Sale is a promotional event held by retailers offering significant discounts during the middle of the summer season.

Mark-up

An augmentation in goods’ cost designed to encompass operational overheads and deliver profit.

Sale Price

The final price at which an item or service is sold, often after discounts are applied.