Exploring Economics Notgrass Lesson 38 | Questions & Answers (100 %Score) Latest
Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions
Name three results of the Smoot-Hawley Tariff of 1930. - Other countries retaliated with tariffs on
American goods, America's foreign trade fell by more than half, and the law cost American jobs and
probably contributed to the severity of the Great Depression.
What new pattern of trade did Franklin Roosevelt begin? - Negotiating reciprocal trade agreements with
individual nations
GATT and WTO are abbreviations for what? - General Agreement on Tariffs and Trade and World Trade
Organization
NAFTA is an abbreviation for what? - North American Free Trade Agreement
NTR is an abbreviation for what term? - Normal Trade Relations
NTR replaced MFN, which means what? - Most Favored Nation
How extensively has the U.S. extended NTR status? - The U.S. has extended NTR status to most nations
of the world.
Give four examples of transaction costs. - Import tariffs, fuel expenses, business taxes, and costs of
complying with regulations.
What is the purpose of the fair trade movement? - To help families and small companies in less-
developed countries compete in the world economy
What are your thoughts about the Milton Friedman quote at the beginning of Lesson 38: "Underlying
most arguments against the free market is a lack of belief in freedom itself"? - Answers will vary.
Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions
Name three results of the Smoot-Hawley Tariff of 1930. - Other countries retaliated with tariffs on
American goods, America's foreign trade fell by more than half, and the law cost American jobs and
probably contributed to the severity of the Great Depression.
What new pattern of trade did Franklin Roosevelt begin? - Negotiating reciprocal trade agreements with
individual nations
GATT and WTO are abbreviations for what? - General Agreement on Tariffs and Trade and World Trade
Organization
NAFTA is an abbreviation for what? - North American Free Trade Agreement
NTR is an abbreviation for what term? - Normal Trade Relations
NTR replaced MFN, which means what? - Most Favored Nation
How extensively has the U.S. extended NTR status? - The U.S. has extended NTR status to most nations
of the world.
Give four examples of transaction costs. - Import tariffs, fuel expenses, business taxes, and costs of
complying with regulations.
What is the purpose of the fair trade movement? - To help families and small companies in less-
developed countries compete in the world economy
What are your thoughts about the Milton Friedman quote at the beginning of Lesson 38: "Underlying
most arguments against the free market is a lack of belief in freedom itself"? - Answers will vary.
