Question : 21) In the United States during the Great Depression, tariffs : 1244937

Economics

21) In the United States during the Great Depression, tariffs were ________ than they were following World War II, and ________ than they are today.

A) higher; higher

B) higher; lower

C) lower; higher

D) lower; lower

22) The Smoot-Hawley Tariff

A) lowered U.S. tariffs by 50 percent following World War II.

B) was passed by the U.S. Congress following the Civil War as a means of increasing government revenue.

C) was passed by the U.S. Congress upon a recommendation made by the General Agreement on Tariffs and Trade (GATT) in 1948.

D) raised average tariff rates by over 50 percent in the United States in 1930.

23) In 1930, the U.S. government attempted to help domestic firms that were harmed by the Great Depression by passing the Smoot-Hawley Tariff. In response to this tariff, other countries ________ and international trade ________.

A) lowered their tariffs; thrived

B) raised their tariffs; collapsed

C) eliminated tariffs; began to grow outside of the United States

D) doubled their tariffs; became unrestricted

24) In 1995, the General Agreement on Tariffs and Trade (GATT), which was established in 1948, was replaced by the World Trade Organization (WTO). Why did members of the GATT push for the establishment of the WTO?

A) The GATT agreement only covered trade in goods. The WTO was created to cover trade in goods, services and intellectual property.

B) The charter of the GATT had run out and a new organization was needed to promote international trade.

C) The creation of the European Union (EU) made the GATT obsolete. The WTO was formed to regulate trade between the EU and other nations.

D) By 1995 tariffs had been eliminated. The WTO was created to reduce non-tariff trade barriers.

25) The World Trade Organization (WTO) promotes foreign trade and investment, or globalization. In recent years opposition to globalization has led to violent protests at meetings of the WTO. All of the following are reasons for these anti-globalization protests except

A) protestors believe the WTO favors the interests of high-income countries at the expense of lower-income countries.

B) protesters believe that tariffs are needed to protect domestic firms from foreign competition.

C) protesters believe that free trade destroys the distinctive cultures of many countries.

D) protesters object to the loss of intellectual property (such as software programs and movies) that results from foreign trade and investment.

26) Prior to the 1998 World Cup, France banned the use of all soccer balls made by child workers. Several economists criticized the ban. Which of the following is an argument these economists used to justify the use of child labor in some countries?

A) Soccer balls are easy to carry and workers were given soccer balls to play with.

B) Child workers were allowed to attend school during the periods they worked.

C) Child workers were given gloves to protect their hands while they stitched soccer balls.

D) Some of the alternatives to stitching soccer balls include begging and prostitution.

27) Protectionism is the use of ________ to protect domestic firms from foreign competition.

A) military force

B) trade barriers

C) cheap labor

D) dumping

28) Your roommate Hansen argues that American producers cannot compete with foreign producers because wages are lower in foreign countries than in the United States. Hansen

A) is incorrect. Free trade raises living standards by increasing economic efficiency.

B) is right in asserting the need to protect high wages if the United States wishes to maintain its high standard of living.

C) is correct in arguing that the high wages of U.S. workers make it impossible to compete with workers in low-wage countries.

D) is advancing the anti-dumping argument for protectionism.

29) Many economists ________ protectionism because it ________ consumers and ________ jobs in domestic industries that use protected products.

A) support; benefits; creates

B) criticize; causes losses to; eliminates

C) support; lowers prices for; raises wages for

D) criticize; unfairly rewards; relocates

30) All but one of the following statements is used to justify protectionism. Which statement is not used to justify protectionism?

A) Free trade leads to higher prices for imported goods.

B) Free trade reduces employment by driving domestic firms out of business.

C) A country should not rely on other countries for goods that are critical to its national defense.

D) Trade restrictions are necessary to protect new firms until they can gain experience and become more productive.

Continue to order Get a quote

July 1, 2023

1) Members of OSHA's $100,000 club have:

A) invested more than $100,000 in health and safety equipment for employees.

B) purchased health and safety insurance coverage of at least $100,000.

C) received fines of $100,000 or more for safety or health violations.

D) paid more than $100,000 in workers' compensation claims.

2) Workplace safety is a significant issue because approximately ________ employees were injured on the job in 2009.

A) 3,000,000

B) 1,000,000

C) 500,000

D) 250,000

3) According to the doctrine of contributory negligence, employers were:

A) not responsible for an employees' injury when another employee's negligence caused the injury.

B) not liable for an employee's injuries when that employee's own negligence caused the injury.

C) responsible for compensating employees for all work-related illnesses and accidents.

D) not responsible for any employees' injuries under any circumstances.

4) Workers' compensation laws vary by state, but all are built on the theory that:

A) employees' personal health insurance should pay the medical costs of any injuries.

B) work-related accidents are costs of doing business and should be paid for by employers.

C) governments are responsible for paying the medical costs related to an employee's injuries.

D) employers are not responsible for employee injuries resulting from the employee's own negligence.

5) Which of the following is a true statement about workers' compensation?

A) Workers' compensation laws are federally mandated and enforced by OSHA.

B) Non-union firms are not required to carry workers' compensation insurance.

C) Workers' compensation is not mandatory in all U.S. states.

D) Most states had workers' compensation programs by 1911.

6) Workers' compensation:

A) pays only if the worker cannot.

B) is considered a no-fault system.

C) is mandatory in all fifty states.

D) covers employees' medical costs with Medicaid.

7) The primary goal of state workers' compensation laws is best described as:

A) providing a means for injured workers to receive care and income without having to sue.

B) determining the cause of work-related accidents and minimizing future accidents.

C) ensuring that employers are not held responsible for accidents caused by worker negligence.

D) spreading the cost of workplace accidents among all workers in the state.

8) The ________ holds that employers are not held liable for an employee's injuries when the negligence of another employee contributed to or caused the accident.

A) doctrine of contributory negligence

B) fellow-servant rule

C) general duty provision

D) "no-fault" rule

9) Which of the following is most likely true?

A) Workers' compensation is a federal program. OSHA is the organization that helps individual states meet workers' compensation standards.

B) Workers' compensation is a federal program that provides compensation to employees injured on the job. OSHA is a federal program that creates and enforces safety standards in the work place.

C) OSHA is a federal program that creates safety standards for work environments. Workers' compensation programs are created by the individual states to provide compensation for employees injured on the job.

D) OSHA is a federal program that provides compensation for employees injured on the job. Workers' compensation programs are state programs that provide compensation for employees injured on the job.

10) Workers' compensation:

A) replaces the worker's entire income until he/she is able to work again.

B) provides benefits for permanent, but not temporary, impairment.

C) gives survivors burial allowances and income benefits.

D) covers medical expenses up to $100,000.