During the Past 70 Years,the Peak Average Tariff Rate in the United

question 140

Multiple Choice

During the past 70 years,the peak average tariff rate in the United States stemmed from the

• A) creation of GATT in the middle of the 1940s.
• B) Kennedy Administration in the early 1960s.
• C) Uruguay round of GATT in the 1980s.
• D) Smoot-Hawley Tariff Act in the early 1930s.
• E) Clinton-Bush tariff of 2000-2001.

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Definitions:

Labor Intensive

A process or industry requiring a large amount of human labor to produce goods or services, as opposed to being heavily automated or relying on machinery.

Capital Intensive

A business process or industry that requires large amounts of money to produce goods or services.

Service Intensive

Describes businesses or industries that are heavily reliant on human labor and personal interaction to deliver their services.

Risk

The potential for loss, damage, or any other negative occurrence that is caused by external or internal vulnerabilities and that may be mitigated through preemptive action.