Protectionism Refers to

question 39

Multiple Choice

Protectionism refers to

• A)the practice of purchasing products exclusively from a domestic market in order to shore up a nation's economy.
• B)the use of tariffs,quotas,and boycotts with the express intention of putting foreign competitors out of business.
• C)the practice of shielding one or more sectors of a country's economy from foreign competition through the use of tariffs or quotas.
• D)a form of domestic imperialism that holds that only those products manufactured within one's home nation are of sufficient quality to warrant purchase.
• E)the practice of purchasing products exclusively from a foreign developing country in order to develop its industries and economic infrastructure.

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Definitions:

Appropriations

The act of setting aside funds for a specific purpose, often used in government budgeting.

Contra-Asset

An account on a company's balance sheet that reduces the value of related, primary asset accounts.

Appropriating Retained Earnings

The process of allocating retained earnings, often to specific purposes or reserves, as determined by a company's management or board of directors.

Accumulated Depreciation

The total depreciation for a fixed asset that has been charged to expense since that asset was acquired and made available for use.