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Q. Describe the effects of the Smoot-Hawley tariff imposed by the United States in 1930.
Answer: It had a damaging consequence on employment abroad. The foreign response occupied retaliatory trade preferential and restrictions trading arrangements among a group of countries. This is an illustration of a "beggar-thy-neighbor" policy meaning a policy that benefits the home country only because it worsens economic conditions abroad.
the difference between offer curve analysis ,absolute and comparative advantage model
critically examine the effects of tariffs on the level of employment and income distribution.
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