Problem II. You are a policy maker. Name and describe situation(s) where it is beneficial to do the followings. Briefly support your choice using economic arguments. A possible answer can be never!...

1. Utilizing general equilibrium analysis to study the impact of protection.

2. Measuring tariff rates using effective rate of protection.

3. Using trade taxes as a source of government revenue.

4. Imposing import tariffs to extract a foreign monopoly profit.

5. Imposing import tariffs to offset a foreign production subsidy.