A Situation in Which When One Country Raises Its Tariff

question 155

Multiple Choice

A situation in which when one country raises its tariff, other countries retaliate with increases of their own, which trigger yet further increases of tariffs from the first country, is termed

• A) escalation of tariffs by stages.
• B) a trade war.
• C) countervailing duties.
• D) Smoot-Hawley war.

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Definitions:

Merchandise

Goods that are bought and sold in business.

Biweekly

Every two weeks.

Algebraically

Pertaining to the use of symbols and the rules for manipulating those symbols in mathematics to solve equations or express formulas.

Percent Discount

A reduction from the original price of an item or service, typically expressed as a percentage of the original price.