In 1946 the Average Tariff Rate in the United States

question 16

Multiple Choice

In 1946 the average tariff rate in the United States was around ___________ percent,while the average tariff in 2012 was about ____________ percent.

• A)14.0;2.4
• B)18.7;12.8
• C)40.0;1.8
• D)30.2;21.0

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Definitions:

Learning Curve

A learning curve illustrates the rate of improvement in performing a task or the increase in efficiency achieved by repetition of a process or activity.

Cumulative Number

A total that increases over time by adding successive amounts or quantities, often used in data collection and analysis.

Labor Per Unit

Refers to the amount of labor required to produce a single unit of a product, indicating efficiency and productivity levels.

Long-run Average Cost Curve

A curve that shows the lowest cost at which a firm can produce any given level of output in the long run, when all inputs are variable.