The Smoot-Hawley Tariff Act of 1930 is notorious for which of the following reasons?
A. It spawned a global trade war
B. It triggered the Great Depression
C. It favored imports over domestic producers
D. It is a classic example of the dumping argument
A. It spawned a global trade war
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What happens to the real wage rate and potential GDP if population increases?
What will be an ideal response?
A Phillips curve shows the relationship between the inflation rate and the:
a. wage rate. b. unemployment rate. c. real GDP growth rate. d. population growth rate.
Assume sticky prices and given expectations of future exchange rates, what is the immediate effect on the exchange rate of the U.S. dollar if there is a temporary increase in the quantity of U.S. dollars?
a. U.S. nominal and real returns rates decline while euro rates hold steady, and the U.S. dollar depreciates against the euro. b. U.S. nominal returns rise, U.S. real returns fall, euro rates rise, and the U.S. dollar appreciates against the euro. c. U.S. nominal returns fall, U.S. real returns rise, euro rates fall, and the U.S. dollar appreciates against the euro. d. U.S. dollar returns and euro returns both rise, leaving the exchange rate unchanged.
An economy in which people exchange goods and services in a market is called a:
A. socialist economy. B. market economy. C. centrally planned economy. D. command economy.