In 1934, the President was given the authority to reduce United States tariffs up to 50 percent provided other nations would also reduce their tariffs under the:
A. Underwood Tariff Law
B. Smoot-Hawley Tariff Act
C. Reciprocal Trade Agreement Act
D. General Agreement on Tariffs and Trade
C. Reciprocal Trade Agreement Act
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All of the following are considered among the four most important determinants in explaining exchange rate fluctuations in the long run except
A) relative rates of productivity growth across countries. B) preferences for domestic and foreign goods. C) tariffs and quotas. D) interest rates.
If a union gains significant monopoly power in a competitive market, employment:
A. should decrease and wages should increase. B. should increase and wages should decrease. C. and wages should increase. D. and wages should decrease.
The planning horizon is the
A. point where production begins. B. short run. C. long run. D. point where diminishing marginal product starts.
Which of the following decreases in labor demand is due to a change in product demand?
A. An increase in the price of paper increases the cost of making books, thus decreasing the demand for bookbinders B. The widespread availability of news on the Web reduces the demand for newspaper workers C. An increase in the price of steel increases the cost of producing cars and trucks, thus decreasing the demand for automobile workers D. A decline in productivity in retailing decreases the demand for retail sales workers