📝 Multiple Choice Question
Economics
What are the two main forms of protection used to shield domestic industries from foreign competition in an inwardlooking trade strategy?
A
Tariffs and subsidies
B
Tariffs and quotas
C
Quotas and subsidies
D
Tariffs and price controls
Explanation
An inward-looking trade strategy—or import substitution—relies primarily on tariffs to make imports expensive and quotas to limit the physical quantity of foreign goods entering the market.
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