If You Were in San Francisco in 1966, What Would

question 23

Multiple Choice

If you were in San Francisco in 1966, what would you have found if you went to Haight Street?

• A) The army recruiting office.
• B) The headquarters of the Democratic National Committee.
• C) LSD and psychedelic music.
• D) The headquarters of Young Americans for Freedom.
• E) The headquarters of Dow Chemical.

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Definitions:

Ad Valorem Tariffs

Tariffs based on a percentage of the value of the imported goods, used as a trade policy tool.

Quotas

Limits set by governments on the amount of a particular product that can be imported or exported during a specified time period, used to regulate trade.

World Trade Organization

An international organization that regulates international trade.

Economies of Scale

Cost advantages achieved when increasing production leads to lower fixed costs per unit.