Trade restrictions designed to benefit the import-competing industries will benefit the entire country.

Question

Quizplus · Accepted Answer

Trade restrictions designed to benefit import-competing industries can lead to higher prices for consumers and reduced economic efficiency for the entire country. While import-competing industries may benefit from such restrictions, other industries that rely on imports or export their goods may suffer. Free trade, on the other hand, allows for greater competition and specialization, leading to greater economic growth and welfare overall.

Trade Restrictions Designed to Benefit the Import-Competing Industries Will Benefit