Choose the statement as true or false.

Policy of Protection means protecting domestic industries against foreign competition.

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True

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answer is A.

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Detailed Solution

The above statement is true.
The policy of protection means protecting domestic industries against foreign competition. It can be done by suggesting tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors. A supporter of national trading policies allows a country's government to push domestic producers and thus increase domestic production of goods and services by imposing tariffs or limiting foreign goods and services in the marketplace. Benefits to trade economic policy embody the likelihood of a far better trade balance and the protection of rising domestic industries. Disadvantages include an absence of economic potency and a lack of customer selection. Countries even have to fret concerning payback from alternative countries.

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