Asked by

Spencer Loebbaka
on Dec 11, 2024

verifed

Verified

If higher tariffs, such as those enacted by the Smoot-Hawley trade bill, reduce the imports of the United States, which of the following will be most likely to occur?

A) U.S. employment will increase.
B) The unemployment rate of the United States will decline.
C) U.S. exports will increase because foreigners will want to buy more from U.S. producers.
D) U.S. exports will decline because foreigners will be earning fewer of the dollars needed to purchase goods and services from Americans.

Smoot-Hawley

Refers to the Smoot-Hawley Tariff Act of 1930, which raised U.S. tariffs on over 20,000 imported goods.

Imports

Products or resources that are bought from foreign countries to meet domestic demand or consumption.

U.S. Exports

Goods and services produced in the United States and sold to other countries.

  • Understand the influence of global trade regulations, including tariffs, on both the international and national economies in the 1930s.
verifed

Verified Answer

YS
Yadunandan SinghDec 13, 2024
Final Answer:
Get Full Answer