Question #49230

If the world price of steel is $500 a ton a specific tariff $50 is equivalent to an ad valorem tariff of______________?

A) 5 percent

B) 10 percent

C) 15 percent

D) 20 percent

Answer: If the world price of steel is $500 a ton a specific tariff $50 is equivalent to an ad valorem tariff of 10 percent.

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