Economics Unit 5 Test Answers – Flashcards

Unlock all answers in this set

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