Discuss the Smoot-Hawley tariff and its economic repercussions
What will be an ideal response?
The Smoot-Hawley tariff was a law of the 1930s which set the highest tariffs in U.S. history (60 percent). It set off an international trade war and caused the decline in trade that is often considered a one of the causes of the severity of the worldwide depression of the 1930s. This set the highest rates for the 20th century.
You might also like to view...
All renters benefit from rent control and all landlords lose
Indicate whether the statement is true or false
The largest percent of colonial trade (both exports and imports) was with
(a) the United Kingdom. (b) Southern Europe. (c) Africa. (d) the West Indies.
A key reason why pollution and other negative externalities arise is because there are no practical, enforceable property rights to open-access resources such as the air and the ocean
Indicate whether the statement is true or false
The major lesson of the circular flow diagram is that
A. total income in the economy must always equal total spending. B. taxes must always be greater than government expenditures. C. tax receipts must be equal to transfer payments D. saving must always be less than investment.