The Tariff of 1816 Was the First in American History

question 62

Multiple Choice

The Tariff of 1816 was the first in American history

• A) that essentially foreclosed all the manufacturing imports from specific industrial sectors in America such as textiles.
• B) intended to raise revenue.
• C) that aimed to protect American industry.
• D) to impose taxes on American goods.
• E) designed to protect Southern agriculture.

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Definitions:

GDP Deflator

An economic metric that converts the gross domestic product (GDP) from current market prices into constant dollar terms in order to measure the real growth of an economy, excluding the effect of inflation.

GDP Deflator

An economic measure of inflation that reflects changes in the price level of all goods and services produced domestically, adjusting nominal GDP into real GDP.

Price Level

The aggregate price mean of the complete variety of goods and services within the economy.

Base Year

A specific year against which economic growth is measured, serving as a standard comparison for other years in index numbers and price comparisons.