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:

Accommodation Party

An individual who signs a negotiable instrument on behalf of another party, typically to lend them their credit without receiving personal benefit.

Pay Note

A written promise to pay a specified sum of money to a designated party, also known as a promissory note.

Negotiable Instrument

A written promise or order to pay a specific amount of money that can be transferred by endorsement or delivery, such as checks and promissory notes.

Claim Negligence

The legal accusation that a party failed to exercise a reasonable standard of care, resulting in harm or damage to another.