Explain how the cost of a country's tariffs is calculated as a percentage of GDP. Which effects are captured in this process? Why is the true cost of import protection probably larger than what can be shown in simple graphs or as calculated by the net national loss formula?

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The Answer of Explain how the cost of a country's tariffs is calculated as a percentage of GDP. Which effects are captured in this process? Why is the true cost of import protection probably larger than what can be shown in simple graphs or as calculated by the net national loss formula?

Explain How the Cost of a Country's Tariffs Is Calculated