The Smoot-Hawley Tariff Act of 1930, like any tariff act, increased the price of the taxed imported goods as well as the domestic price of U.S. goods and services produced in the industries favored by the tariff
Consequently, any tariff negatively impacts U.S. consumers by forcing them to pay higher prices. Indicate whether the statement is true or false
True
Economics
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Will a large increase in the demand for a good cause a large increase in its price?
A) No; an increased demand is associated with lower prices. B) Not if the demand for the good is highly elastic. C) Not if the demand for the good is highly inelastic. D) Not if the supply of the good is highly elastic. E) Not if the supply of the good is highly inelastic.
Economics
In an indifference curve/budget line diagram, a consumer's equilibrium consumption combination will occur
A) inside the budget line. B) outside the budget line. C) on the budget line. D) at the origin.
Economics