Arguments in Favor of Protectionism Include That It

question 144

Multiple Choice

Arguments in favor of protectionism include that it

• A) helps reduce tariffs and quotas.
• B) encourages the development of domestic industries.
• C) encourages economic reliance on foreign countries.
• D) creates opportunities for the outsourcing of domestic jobs.
• E) creates a more favorable environment for a global economy.

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Definitions:

Unemployment

The situation where individuals who are capable of working and are actively seeking work are unable to find employment.

Inflation

The velocity at which the broad price tags for products and services surge, weakening the power to purchase.

Cyclical Unemployment

Unemployment that results from economic downturns or recessions, reflecting a lack of demand for goods and services.

Steel Industry

A sector of the economy that produces steel, a key material used in construction, transportation, and manufacturing.