The law that created the high level of tariffs in United States in the 1930s is
A) the GATT Act.
B) the World Trade Act.
C) the Smoot-Hawley Act.
D) the Tariffs Agreement Act.
Answer: C
Economics
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A company currently sells 10,000 units at $9/unit and makes $20,000 accounting profit. Variable costs currently stand at $6 per unit. What are the company's fixed costs?
a. $5,000 b. $10,000 c. $15,000 d. The company has no fixed costs
Economics
Which of the following is not an example of an externality?
a. Drunk drivers raise everyone's auto insurance premiums. b. The price of lumber increases as lumberjacks' wages increase. c. The neighbor's beautiful front yard increases your home value. d. Someone drives a car that emits thick black smoke. e. People who live near a bakery enjoy the smell of baked bread.
Economics