Discuss the Smoot-Hawley tariff and its economic repercussions
What will be an ideal response?
The Smoot-Hawley tariff was a law of the 1930s which set the highest tariffs in U.S. history (60 percent). It set off an international trade war and caused the decline in trade that is often considered a one of the causes of the severity of the worldwide depression of the 1930s. This set the highest rates for the 20th century.
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The purpose of having the members of the Board of Governors of the Federal Reserve serve fourteen-year terms is to
A) establish long-standing ties with high-level officials of other nations' central banks. B) ensure that the governors become well-experienced at policymaking. C) promote unity of opinion from shared time together. D) insulate the governors' policy decisions from the influence of presidential elections and politics.
Refer to Table 9-12. Which country has a comparative advantage in producing belts?
A) Estonia B) Morocco C) both countries D) neither country