1. Describe a specific tariff, an ad valorem tariff, and compound tariff. What are the advantages and disadvantages of each?
2. Less- developed nations sometimes argue that the industrialized nations' tariff structures discourage the less-developed nations form undergoing industrialization. Explain.
3. Which of the arguments for tariffs do you feel are most relevant in today's world.
a. Job protection
b. Protection against cheap foreign labor
c. Fairness in Trade: A level Playing Field
d. Maintenance of the Domestic Standard of Living
e. Equalization of Production Cost.
f. Infant - Industry Arugment
g. Noneconomic Agruements