Give a brief description of the history of tariffs in the United States
What will be an ideal response?
Today, U.S. tariffs are low compared to their historical levels. The average U.S. tariff was highest in the early 1930s when the Smoot-Hawley tariff was passed. The average tariff at that time was about 20 percent. Since then there has been a general downward trend so that today the average tariff is less than 5 percent. The downward trend was fairly rapid until 1950 and has slowed since then.
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The easiest way for a country to obtain access to technology is through
A) promoting foreign direct investment. B) subsidizing education and training. C) enacting policies to promote property rights. D) promoting policies to enhance saving.
In 2008, foreclosures reached a record high. Which of the following is NOT a possible reason for foreclosures?
A) Many mortgages were initiated without a down payment. B) Many mortgages were initiated on secondary and investment homes. C) Some mortgages were adjustable rate mortgages which might have dramatically increased monthly payments for some. D) Property values were increasing too fast.