The highest tariff rates of the twentieth century in the United States arose as a result of which law?
A. the Wheeler-Lea Act
B. the Smoot-Hawley Act
C. the Tariff of Abominations Act
D. the Robinson-Patman Act
Answer: B
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The above figure shows the marginal private benefit and marginal social cost of a college education. If society's external benefits from college graduates is $10,000 each, then the private market outcome is inefficient because
A) no students will go to college. B) society places less value on educating the next student than it will cost society to educate that student. C) society places greater value on educating the next student than it will cost society to educate that student. D) the marginal cost will shift upward.
A country should always specialize in the production of any product for which it holds an absolute advantage
Indicate whether the statement is true or false