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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

How does the cost of “saving” jobs in protected industries compare to the workers’ wages and salaries?

To determine

Compare the cost of “saving” jobs in protected industries to the workers’ salaries and wages.

Explanation

Government protects the targeted industries with selective procurement, subsidies and trade protection by imposing heavy import duties on foreign goods etc. Thus, this will help in developing the domestic industries and increasing the employment in that industry.

But due to the trade barriers and the protection of domestic industries from low-priced imported goods will result in the increase in the price of goods in those protected industries. And if those products are intermediate goods in other industries, it will result in rise in their production cost also...

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