In 1930, the U.S. government attempted to help domestic firms that were harmed by the Great Depression by passing the Smoot-Hawley Tariff. In response to this tariff, other countries ________ and international trade ________
A) lowered their tariffs; thrived
B) raised their tariffs; collapsed
C) eliminated tariffs; began to grow outside of the United States
D) doubled their tariffs; became unrestricted
Answer: B
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Which of the following is most likely to have contributed to better inventory management?
a. Stability in the market demand b. Stability in the average price level c. Perfect forecasting by the firms d. Reduced variability in the input costs e. Improvements in information technology and communication
When the nation of Venezia allows trade and as a result becomes an exporter of shoes,
a. residents who produce shoes become worse off; residents who buy shoes become better off; and the economic well-being of Venezia rises. b. residents who produce shoes become worse off; residents who buy shoes become better off; and the economic well-being of Venezia falls. c. residents who produce shoes become better off; residents who buy shoes become worse off; and the economic well-being of Venezia rises. d. residents who produce shoes become better off; residents who buy shoes become worse off; and the economic well-being of Venezia falls.
In a market economy with no government intervention, the HOW to produce question is based on
A. Production costs alone. B. Consumer demand. C. Environmental considerations only. D. Production costs plus environmental considerations.
The table below shows the utility schedule for a consumer of candy bars. Candy Bars ConsumedTotal Utility001529312414515615713Based on the data in the above table you can conclude that the
A. marginal utility of the third unit is 4 utils. B. total utility of 2 units is 4 utils. C. marginal utility of the fourth unit is 14 utils. D. marginal utility of the sixth unit is 0 utils.