Describe the effects of the Smoot-Hawley tariff imposed by the United States in 1930
What will be an ideal response?
Had a damaging effect on employment abroad. The foreign response involved retaliatory trade restrictions and preferential trading arrangements among group of countries. This is an example of "beggar-thy-neighbor" policy, meaning a policy that benefits the home country only because it worsens economic conditions abroad.
Economics
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The rate at which one input can be reduced per additional unit of the other input, while holding output constant, is measured by the
A) marginal rate of substitution. B) marginal rate of technical substitution. C) slope of the isocost curve. D) average product of the input.
Economics
Market structure is determined mainly by the size of firms
Indicate whether the statement is true or false
Economics