Economics Unit 5 Test Answers – Flashcards
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(Chapter 17) Tariffs and quotas can have all of the following effects EXCEPT
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promoting third-world development
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(Chapter 17) Revenue tariffs are levied to
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raise money
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(Chapter 17) The Smoot-Hawley Tariff of 1930 resulted in
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the highest tariff rates in US history
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(Chapter 17) The international agency that administers trade agreements and settles trade disputes is
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WTO
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(Chapter 17) A persistent trade deficit causes
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unemployment to increase in import industires
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(Chapter 18) Advantages of socialism include
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equitable distribution of benefits
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(Chapter 18) Joseph Stalin demonstrated the main advantage of a command system by
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increasing industrial output
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(Chapter 18) Countries trying to change from a command to a market economy face all of the following problems EXCEPT the
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forming of agricultural collectives
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(Chapter 18) The keiretsu of Japan are
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made up of competing firms
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(Chapter 18) Before reunification with China in 1997, the economy of Hong Kong
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was the freest market economy in the world
