Suppose that the production of $500,000 worth of steel in the United States requires $100,000 worth of iron ore. The U.S. nominal tariff rates are 15 percent for steel and 5 percent for iron ore. Given this information, the effective rate of protection for the U.S. steel industry is approximately
a. 6 percent.
b. 12.5 percent.
c. 18 percent.
d. 17.5 percent.
d. 17.5 percent.
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