Which of the following resulted from the Smoot-Hawley trade bill of 1930?
a. The stock market began a steady recovery from the crash of October 1929.
b. Many countries responded by imposing higher tariffs on American products, and the volume of international trade fell sharply.
c. Imports decreased, while exports increased, resulting in an overall increase in GDP and tariff revenues.
d. The unemployment rate, which had been rising, began to steadily decline as jobs were protected by the trade restrictions.
B
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The long run aggregate supply curve (LRAS) also represents
A) the full-employment level of output. B) the full-information level of output. C) the full-adjustment level of output. D) all of the above.
The consumption function assumes that:
a. only disposable income affects consumption b. only the price level affects consumption. c. many factors other than disposable income affect consumption, and each is allowed to vary along the consumption function. d. factors other than disposable income affect consumption, but those are held constant along the consumption function. e. only consumer expectations affect consumption.
Equilibrium in the money market means that the quantity of money people are holding equals
a. their entire wealth b. their entire income c. the quantity of money that they want to hold d. the money supply e. the value of bonds in their financial portfolios
The right answer to the debate regarding the welfare effects of advertising is that
A. advertising always improves the functioning of the market. B. advertising always leads to positive economic profits in an industry. C. advertising always leads to concentration in an industry. D. there is no right answer.