Suppose that a nation reduces import tariffs on raw materials and intermediate products but not on finished products. What effect will this have on the rate of effective protection in a nation? Give an example by using the Rate of Effective Protection formula.

Question
1. Suppose that a nation reduces import tariffs on raw materials and intermediate products but not on finished products. What effect will this have on the rate of effective protection in a nation? Give an example by using the Rate of Effective Protection formula.

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