Final answer:
A complete ban on the trade of a specific product or all trade with a certain country is known as an embargo, which is a true statement. This form of protectionism is used for various political and economic reasons and can have significant effects on a nation's economy.
Step-by-step explanation:
A complete ban on the import or export of a certain product or the stopping of all trade with a particular country is known as an embargo. This is one of the most drastic protectionist measures a country can take. It can be used for political reasons, such as in the case of economic sanctions against South Africa to end apartheid, or for security reasons, as when a country restricts trade on certain goods to protect a sensitive industry.
Governments have various tools to encourage or discourage trade including tariffs, import quotas, and nontariff barriers. These tools are employed to manage a country's economic relationships and can have varying impacts on domestic industries and consumer prices. The World Trade Organization (WTO) works to negotiate reductions in these barriers to trade. In this context, the answer to the student's statement about a total ban on trade is true.