Explain the Following a) Specific Tariff b) Ad Valorem Tariff c) Effective Rate of Protection d) Voluntary Export Restraint and e) Domestic Content Requirement Explain the Major Types of Nontariff Barriers to Imports Give an Example of Each Explain the Ways Government Allocate Import Licenses Give Examples of Each What are Import Quotas Why do some Governments Use Them Instead of Just Using Tariffs to Restrict Imports Discuss the Advantages and Disadvantages of the World Trade Organization (WTO)

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Question: Explain the Following: a) Specific Tariff; b) Ad Valorem Tariff; c) Effective Rate of Protection; d) Voluntary Export Restraint; and e) Domestic Content Requirement. Explain

Explain the Following: a) Specific Tariff; b) Ad Valorem Tariff; c) Effective Rate of Protection; d) Voluntary Export Restraint; and e) Domestic Content Requirement.
Explain the Major Types of Nontariff Barriers to Imports. Give an Example of Each.
Explain the Ways Government Allocate Import Licenses. Give Examples of Each.
What are Import Quotas? Why do some Governments Use Them Instead of Just Using Tariffs to Restrict Imports?
Discuss the Advantages and Disadvantages of the World Trade Organization (WTO).

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