The Nominal Rate of Protection Shows the Extent to Which

question 47

Multiple Choice

The nominal rate of protection shows the extent to which the domestic price of imported goods exceeds

• A)what the price would be without tariffs.
• B)the cost of intermediate inputs.
• C)the social opportunity costs of the good.
• D)the no-trade equilibrium price.

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Definitions:

Guano

Accumulated excrement of seabirds and bats, used as a fertilizer due to its high nitrogen, phosphate, and potassium content.

Phosphorus Cycle

The biogeochemical cycle that describes the movement of phosphorus through the lithosphere, hydrosphere, and biosphere.

Denitrification

The microbial process of reducing nitrates or nitrites typically in soil, resulting in the escape of nitrogen gases back into the atmosphere.

Nitrate

A compound containing nitrogen and oxygen that is commonly found in fertilizers and can cause environmental issues in water systems.