Which of the following resulted from the Smoot-Hawley trade bill of 1930?
A) The stock market began a steady recovery from the crash of October 1929.
B) Many countries responded by imposing higher tariffs on American products, and the volume of international trade fell sharply.
C) Imports decreased, while exports increased, resulting in an overall increase in GDP and tariff revenues.
D) The unemployment rate, which had been rising, began to steadily decline as jobs were protected by the trade restrictions.
B) Many countries responded by imposing higher tariffs on American products, and the volume of international trade fell sharply.
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Why is it the case that a commodity tax on goods like food and shelter is sometimes seen as being regressive?
What will be an ideal response?
A potential entrant knows that it faces a (inverse) residual demand curve given by P = 50 ? 4Q. While the entrant does not know the inverse market demand, it does know that the incumbent committed to producing 150 units. Using this information, which of the following equations best summarizes the inverse market demand curve?
A. P = 200 ? Q B. P = 200 ? 4Q C. P = 150 ? 4Q D. None of the statements are correct.
In your last vacation trip to Cancún, Mexico, you spent $1,000. This amount is recorded in the:
A. balance of merchandise trade as an import. B. balance of trade as an export. C. balance of trade as an import. D. balance of merchandise trade as an export.
Federal antitrust laws in the United States are intended to
A) promote competition by prohibiting monopolies. B) promote income equality. C) create new monopolies. D) create only government-owned organizations.