Describe a specific tariff an ad valorem tariff and a, Microeconomics

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Describe a specific tariff an ad valorem tariff and a

Problem

1. Describe a specific tariff, an ad valorem tariff, and a compound tariff. What are the advantages and disadvantages of each?

2. What are the methods that customs appraisers use to determine the values of commodity imports?

3. Under what conditions does a nominal tariff applied to an import product overstate or understate the actual, or effective, protection afforded by the nominal tariff?

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Microeconomics: Describe a specific tariff an ad valorem tariff and a

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