________ Raised Average Tariff Rates by Over 50 Percent in the United

question 18

Multiple Choice

________ raised average tariff rates by over 50 percent in the United States in 1930.

• A)The GATT
• B)The WTO
• C)NAFTA
• D)The Smoot-Hawley Tariff

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Definitions:

Economics

The efficient allocation of the scarce means of production toward the satisfaction of human wants.

Input

Resources used in the production process, including labor, materials, machinery, and other factors of production.

Demand

The volume of goods or services that individuals are prepared and financially able to acquire at varying price points during a certain time span.

Perfectly Competitive Labor Market

A theoretical market where numerous employers and employees interact, with no single entity able to influence wages or working conditions.