The term protectionism, when applied to international trade, refers to governmental restrictions and incentives to affect trade flows.

0/1 pts

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True

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False

True

True

Explanation:

Protectionism refers to barrier on import products by restricting products from the foreign market. it can be achieved by putting heavy taxes on imports or implying strict regulation on import products.

it is not a fixed approach it is done when a country decides to go strong in the manufacturing field or want to strengthen its domestic industries by giving subsidy for setting up industries.