Question

The belief that purchasing foreign products is wrong because it hurts the domestic economy, causes losses of jobs, and is plainly unpatriotic is known as?

1) Protectionism
2) Globalization
3) Outsourcing
4) Import substitution

Answer 1

The correct answer is 1) Protectionism.

Step-by-step explanation:

The belief that purchasing foreign products is wrong because it hurts the domestic economy, causes losses of jobs, and is plainly unpatriotic is known as Protectionism.

Protectionism refers to the practice of restricting trade with foreign countries through various means such as tariffs, import quotas, and nontariff barriers. These measures are implemented to protect domestic industries and workers from foreign competition but can have negative effects on the overall economy.