The Smoot-Hawley Act

question 23

Multiple Choice

The Smoot-Hawley Act:

• A) bound the world's nations to a gradual process of tariff reduction.
• B) established very high tariffs on goods imported to the United States.
• C) exempted American exporters from the Sherman Antitrust Act.
• D) established the reciprocal trade agreements program.

---

Definitions:

Direct Labor-Hours

The aggregate of hours spent by staff members who are directly engaged in producing merchandise or rendering a service.

Job-Order Costing

A cost accounting system that assigns costs to specific production batches or jobs, making it suitable for customized orders.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead costs to individual products or job orders, based on a particular activity base.

Machine-Hours

A measure of production time used in cost accounting, representing the number of hours that machinery is in operation during a given period.