What was the end-result of the Smoot-Hawley Tariff Act?
With the reduction of American exports came also the destruction of American jobs
, as unemployment levels which were 6.3% (June 1930) jumped to 11.6% a few months later (November 1930).
What was the purpose of the Hawley Smoot Tariff quizlet?
The Smoot-Hawley Tariff Act of June 1930 raised U.S. tariffs to historically high levels. The original intention behind the legislation was
to increase the protection afforded domestic farmers against foreign agricultural imports
.
Which outcomes resulted from the passage of Hawley Smoot Tariff Act Check all that apply?
The Act and tariffs imposed by America’s trading partners in retaliation were major factors of
the reduction of American exports and imports by 67% during the Depression
. Economists and economic historians have a consensus view that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression.
What is the purpose of quotas?
A quota is a government
-imposed trade restriction that limits the number or monetary value of goods that a country can import or export during a particular period
. Countries use quotas in international trade to help regulate the volume of trade between them and other countries.
How do quotas help domestic producers?
A quota
sets a numerical limit on how much of a product can be imported into a country
. This helps to protect producers of domestic products from facing too much competition and ultimately going out of business.
What was a result of the Hawley-Smoot Tariff?
The Act and tariffs imposed by America’s trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Depression. Economists and economic historians have a consensus view that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression.
Which of the following was an outcome of the Smoot-Hawley tariff?
The Smoot-Hawley Act
increased tariffs on foreign imports to the U.S. by about 20%
. At least 25 countries responded by increasing their own tariffs on American goods. Global trade plummeted, contributing to the ill effects of the Great Depression.
What was an effect of the Smoot-Hawley Tariff Act of 1930 quizlet?
What was one effect of the Smoot-Hawley Tariff Act?
It increased global economic instability
. speculation in stocks that made values unstable.
How did the Hawley-Smoot Tariff make the Great Depression worse quizlet?
What was the Hawley-Smoot Tariff? Tariff act enacted in 1930, it imposed record tariffs to protect US companies. Some say it made the depression worse.
It raised prices of foreign imports
.
Which type of goods become more expensive as a result of tariffs?
The type of good that become expensive as a result of tariffs is
IMPORTED GOODS
. Governments usually use tariffs to protect and to promote domestic goods. Putting tariffs on imported goods makes them more expensive and discourage consumers from buying them.
What are some examples of quotas?
Some items under a tariff rate quota in the United States include
tuna, olives, and ethyl alcohol
. There are also tariff quotas applied to imports from specific countries. For example, the U.S. limits imports of Australian beef, Bahraini tobacco, and Dominican peanuts.
Who directly benefits from subsidies?
When government subsidies are implemented to
the supplier
, an industry is able to allow its producers to produce more goods and services. This increases the overall supply of that good or service, which increases the quantity demanded of that good or service and lowers the overall price of the good or service.
What are the types of quotas?
There are two types of quotas:
absolute and tariff -rate
. Absolute quotas are quotas that limit the amount of a specific good that may enter a country. Tariff-rate quotas allow a quantity of a good to be imported under a lower duty rate; any amount above this is subject to a higher duty.
What is the difference between tariff and quota?
A tariff is a tax on imports. It is normally imposed by the government on the imports of a particular commodity. On the other hand, quota is
a quantity limit
. It restricts imports of commodities physically.
Is a tariff or quota better?
The effects of tariffs are
more transparent than quotas
and hence are a preferred form of protection in the GATT/WTO agreement. A quota is more protective of the domestic import-competing industry in the face of import volume increases. A tariff is more protective in the face of import volume decreases.
Which best describes how standards help domestic?
Which best describes how standards help domestic producers?
Standards require goods to meet basic requirements
. Often duties and taxes are imposed on cars that are imported from other countries.
