which of the following resulted from the smoot-hawley trade bill of 1930
What will be an ideal response?
many countries responded by imposing higher tariffs on american products and the volume of international trade fell sharply
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The elasticity of supply coefficient for lobster is estimated to be equal to 0.6 . It is expected, therefore, that a 10% decrease in price would lead to:
a. a 6% decrease in the quantity of lobsters supplied. b. a 6% increase in the quantity of lobsters supplied. c. a 10% decrease in the quantity of lobsters supplied. d. a 10% increase in the quantity of lobsters supplied.
An improvement in production technology will
a. increase a firm's costs and increase its supply. b. increase a firm's costs and decrease its supply. c. decrease a firm's costs and increase its supply. d. decrease a firm's costs and decrease its supply.
When the nation of Duxembourg allows trade and becomes an importer of software,
a. residents of Duxembourg who produce software become worse off; residents of Duxembourg who buy software become better off; and the economic well-being of Duxembourg rises. b. residents of Duxembourg who produce software become worse off; residents of Duxembourg who buy software become better off; and the economic well-being of Duxembourg falls. c. residents of Duxembourg who produce software become better off; residents of Duxembourg who buy software become worse off; and the economic well-being of Duxembourg rises. d. residents of Duxembourg who produce software become better off; residents of Duxembourg who buy software become worse off; and the economic well-being of Duxembourg falls.
A decrease in autonomous consumption would have the same effect on the expenditures schedule as a(n)
A. decrease in investment. B. increase in government purchases. C. increase in net exports. D. decrease in taxes.