The Smoot-Hawley Tariff Act of 1930

question 128

Multiple Choice

The Smoot-Hawley Tariff Act of 1930

• A) decreased U.S. tariffs to the lowest level since the early 1800s.
• B) decreased U.S. tariffs to the lowest level since the late 1800s.
• C) increased U.S. tariffs to an average of 53 percent on protected imports.
• D) resulted in foreign nations increasing their tariffs on U.S. export.

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Definitions:

Excess Capacity

The situation where a company's production facilities are capable of producing more than the demand for its products.

Variable Costs

Expenses that vary directly with the level of production or sales volume, such as raw materials and direct labor.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent or salaries.

Specialist Medical Equipment

High-tech and advanced medical tools and devices specifically designed for certain branches of medicine to diagnose or treat diseases effectively.