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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller VasilyKichigin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
