Asked by Roberta McGuire on May 04, 2024
Verified
During the Great Depression, most nations lowered tariffs and abolished import quotas to encourage the flow of trade.
Import Quotas
Government-imposed limits on the quantity or value of goods that can be imported into a country.
Great Depression
A severe worldwide economic downturn that took place during the 1930s, marked by high unemployment, deflation, and a significant fall in economic activity.
- Identify the role of historical and modern factors in shaping the flow of international trade.
- Understand the economic justifications supporting and opposing free trade as well as the different obstacles to trade.
Verified Answer
MF
Mariana FonsecaMay 08, 2024
Final Answer :
False
Explanation :
During the Great Depression, many nations actually raised tariffs and imposed import quotas to protect domestic industries, which reduced the flow of international trade.
Learning Objectives
- Identify the role of historical and modern factors in shaping the flow of international trade.
- Understand the economic justifications supporting and opposing free trade as well as the different obstacles to trade.
Related questions
The Percentage of the United States' Domestic Output That Is ...
Barriers to Free Trade Impair Efficiency in the International Allocation ...
In 2018, the United States Became a Net Exporter of ...
Trade Takes the Form of _____ When People Directly Exchange ...
List and Describe the Four Basic Types of Trade Barriers