In the 1930s,the United States Charged an Average Tariff Rate

question 107

Multiple Choice

In the 1930s,the United States charged an average tariff rate ________.Today,the rate is ________.

• A) of 100 percent; 20 percent
• B) above 50 percent; less than 2 percent
• C) of less than 10 percent; over 40 percent
• D) of 17 percent; 33 percent

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Definitions:

Market Transactions

The processes involved in buying or selling goods and services in a market between buyers and sellers.

Ultimatum Game

A game in experimental economics in which two players decide on how to divide a sum of money; one player proposes a division, and the other can accept or reject it.

Dictator Game

An experimental game in economics where one player (the "dictator") determines how to split an endowment between themselves and another player.

Neoclassical Economics

A framework within economics that predominantly focuses on the determination of goods, outputs, and income distributions in markets through supply and demand as mediated by prices.