Q1. In tariff policy, the 'nominal rate of protection' on a manufactured good is best defined as:
- A. The percentage tariff levied on the final product as it enters the country
- B. The percentage tariff levied on the imported raw-material inputs used to make the product
- C. The percentage increase in domestic value added relative to free-trade value added
- D. The output tariff minus the input tariff, expressed as a percentage of price