Trade Barriers

Question 1

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

Revolt · Accepted Answer

Selection 1: imported; Selection 2: an advantage; Selection 3: more

Question 2

What did government leaders hope the result of the new tariff would be?

Revolt · Accepted Answer

increased sales for domestic producers

Question 3

Which outcomes resulted from the passage of the Hawley-Smoot Tariff Act? Check all that apply.

Revolt · Accepted Answer

Countries around the world increased their tariffs in response.; Domestic industries initially benefited from new tariffs.; Imports and exports exchanged between the United States and Britain fell by nearly 66%.

Question 4

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?

Revolt · Accepted Answer

It allowed the US government to work with other countries to reduce tariffs.

Question 5

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.Agreements were signed to remove links between currencies.The General Agreement on Tariffs and Trade was overturned in 1971.The Bretton Woods Agreement created a system to connect the world’s currencies.The General Agreement on Tariffs and Trade reduced trade barriers.Countries created formal agreements to increase trade barriers.

Revolt · Accepted Answer

The Bretton Woods Agreement created a system to connect the world’s currencies.; The General Agreement on Tariffs and Trade reduced trade barriers.

Trade Barriers Answers

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