Explain protection afforded by the nominal tariff

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Reference no: EM13179337

1.) 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?

2.) Less-developed nations sometimes argue that the industrialized nations' tariff structures discourage the less developed nations from undergoing industrialization. Explain.

Reference no: EM13179337

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