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?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.