Which of the following resulted from the Smoot-Hawley trade bill of 1930?
What will be an ideal response?
The unemployment rate, which stood at less than 8 percent when the bill was passed, soon soared to double-digit levels.
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If U.S. consumers increase their demand for foreign products and foreign travel, the U.S. dollar would tend to depreciate as more dollars are supplied to foreign exchange markets
Indicate whether the statement is true or false
Property rights can be defined and enforced
a. only by the government b. only by ethical norms c. by the government and by ethical norms d. only through constant renegotiation e. by government, by informal social actions, and by ethical norms
A perfectly competitive firm acts as a ___________, so it calculates total revenue by multiplying the given market price by the quantity of output the firm chooses.
a. natural monopoly b. price taker c. technological monopoly d. drag on the market
A progressive tax is one for which the percentage of each added dollar of income paid in taxes
a. increases as income increases. b. remains the same as income increases. c. decreases as income increases. d. is zero after a certain maximum income is reached.