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Course 477
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A nation whose imports constitute a very small portion of the world market supply is a price taker, facing a constant world price for its import commodity.
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A limitation of a specific tariff is that it provides a constant level of protection for domestic commodities regardless of fluctuations in their prices over time.
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A compound tariff permits a specified amount of goods to be imported at one tariff rate while any imports above this amount are subjected to a higher tariff rate.
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A ad valorem tariff provides domestic producers a declining degree of protection against import-competing goods during periods of changing prices.
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A "large" country, that levies a tariff on imports, cannot improve the terms at which it trades with other countries.
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