Terms in this set (13)
Tariffs are a tax placed on ______ goods.
Tariffs are used to give domestically produced goods __________ in the market.
As a result of tariffs, imported goods become ________ expensive for consumers
imported; an advantage; more
The Hawley-Smoot Tariff Act passed in January _______ .
The act was passed by Congress _______ the start of the Great Depression.
The purpose of the act was to ________ purchases of domestic goods.
1930; after; increase
What did government leaders hope the result of the new tariff would be?
increased sales for domestic producers
Which outcomes resulted from the passage of the Hawley-Smoot Tariff Act? Check all that apply.
Countries around the world increased their tariffs in response.
Imports and exports exchanged between the United States and Britain fell by nearly 66%.
In response to the economic trends triggered by the Great Depression and the Hawley-Smoot Tariff Act, President Roosevelt signed the Reciprocal Trade Agreements Act.
What was the main purpose of this act?
It allowed the US government to work with other countries to reduce tariffs.
Which actions were taken after WWII to help ensure that an economic crisis like the Great Depression would not occur again? Check all that apply.
The Bretton Woods Agreement created a system to connect the world's currencies.
The General Agreement on Tariffs and Trade reduced trade barriers.
Tariffs and subsidies are both types of
How do quotas help domestic producers?
Quotas facilitate the sale of more domestic goods.
How do embargoes most negatively affect a domestic market?
by depriving domestic producers of needed goods, restricting their ability to trade
Which type of incentive makes it more profitable to follow a certain course of action?
Which type of trade barrier is explicitly used for political purposes?
What is the government's aim in setting quotas?
to increase sales of domestic goods
Which of these is a positive incentive for domestic producers?
a subsidy on domestic oranges