Problem
Suppose that the production of $1 million worth of steel in Canada requires $100,000 worth of taconite. Canada's nominal tariff rates of importing these goods are 20% for steel and 10% for taconite. Given this information, calculate the effective rate of protection for Canada's steel industry.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.