The economic costs of protecting a domestic industry are typically much smaller than the income that each worker whose job is protected would receive.

Question

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Protecting a domestic industry can lead to higher prices for consumers, which can harm the overall economy. Additionally, protecting one industry may mean allocating resources away from more efficient or competitive industries, which can also harm the economy in the long term. Finally, protecting jobs in one industry may mean higher taxes or government spending, which can have its own economic costs.

The Economic Costs of Protecting a Domestic Industry Are Typically