Suppose you are an economist advising the Canadian government as to whether to erect trade barriers for the protection of Canada's textile industry.You are likely to study the gains to be realized in this industry and weigh those against

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As an economist, the advisor would likely consider the potential negative effects of erecting trade barriers, such as higher prices for Canadian consumers. Additionally, they may also analyze the potential gains for the textile industry and weigh those against the potential costs to the broader economy and Canada's trading partners. However, protecting one industry could lead to inefficiencies and distortions in the market, ultimately harming the economy as a whole.

Suppose You Are an Economist Advising the Canadian Government as to Whether