Asked by Christa Preville on May 26, 2024
Verified
Protectionism is used by the members of the European Union to restrict business and government procurement of goods and services from foreign competition.
Protectionism
A call for tariffs and favorable treatments to protect domestic firms from foreign competition.
Foreign Competition
The presence of companies from different countries competing in a market, often emphasizing the global nature of business.
- Identify and explain the practices and effects of protectionism and tariffs on global trade.
Verified Answer
WL
Worth LivingMay 29, 2024
Final Answer :
True
Explanation :
Protectionism refers to economic policies and practices designed to restrict international trade and protect domestic industries from foreign competition. Within the European Union, while there is a general commitment to free trade among member states, protectionist measures can still be applied, particularly in sectors deemed sensitive or strategic, including through government procurement policies that may favor domestic companies or products.
Learning Objectives
- Identify and explain the practices and effects of protectionism and tariffs on global trade.
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