(a) Explain three types of protectionism that a government might adopt in the context of international trade. (b) Evaluate the extent to which protectionism may be justified in international trade.

Definitions: Protectionism – A policy introduced by the government which inhibits international trade such as tariffs, subsidies, and quotas. Tariffs A tariff is a tax on imports, which can either be specific (so much per unit of sale) or ad valorem (a percentage of the price of the product). Tariffs reduce supply and raise the [...]