Question

Assume that protectionism is successfully enacted at a worldwide scale. Then, all else equal, worldwide production...

Assume that protectionism is successfully enacted at a worldwide scale. Then, all else equal, worldwide production will _________ and worldwide consumption will ________.

A - decrease, decrease

B - be unaffected, be unaffected

C - increase, increase

D - increase, decrease

E - decrease, increase

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Answer #1

Protectionism is refers to policy for restricting foreign trade. It means policy in which imports are restricted by making imports illegal or by levying heavy taxes on imports or in some other way.

If Protectionism is successfully enacted at a worldwide scale, it will lead to lower consumption of foreign imported goods in all the countires which will ultimately lead to decrease in production.

Thus, worldwide production and consumption both will decrease.

Option A is correct

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