Looking at the Average Tariff Rate in the United States

question 204

Multiple Choice

Looking at the average tariff rate in the United States since 1930,we see that

• A) at first tariffs declined, but have recently risen.
• B) tariffs have trended downward for most of the period.
• C) tariff levels have remained high, at over 50 percent throughout the period.
• D) while we talk about free trade, tariff levels have risen over the last 30 years.
• E) tariffs were made illegal in the United States in 1955.

---

Definitions:

Imported

Products or services imported from another country for the purpose of selling them.

Exported

Offerings or goods conveyed from one country to another for the objective of transaction or sale.

Production Possibilities Frontier

A curve demonstrating the maximum feasible amount of two goods that can be produced with available resources and technology.

Bowed Out

A graphical representation showing increasing opportunity costs, indicating that resources are not perfectly adaptable for producing different goods.