One of the Costs of Protectionism Is

question 66

Multiple Choice

One of the costs of protectionism is:

• A) increases in total national output.
• B) a reduction in the variety of goods in domestic markets.
• C) greater competition.
• D) lower opportunity costs of domestic production.

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Definitions:

Insurance Policy

A contract between the insurer and the policyholder specifying the terms under which the insurer agrees to compensate the policyholder for loss.

One Year

A period of time consisting of 12 months or 365 days, used as a standard measurement of time for financial, contractual, and planning purposes.

Fiscal Year

A one-year period that companies use for accounting and financial reporting, which may or may not align with the calendar year.

Adjusting Entry

An accounting entry made at the end of an accounting period to allocate income and expenditure to the appropriate period for a more accurate financial statement.