During a stormy meeting of wearable technology firms, several company presidents said that without tariff cushions, many of them would go broke. They represent a new industry that needs protection until their firms grow to a size that will allow them to be competitive. As a result, they would like to see:
A) increased import quotas.
B) increased import tariffs.
C) Congress enact an export embargo.
D) an increase in the value of the US dollar.
E) increased taxes on domestic technology firms.
Question 2
The Smoot-Hawley Tariff Act of 1930 set high tariffs on hundreds of products. Today, many of the tariffs from this act have been reduced or even eliminated. One exception is the tariff rate of 48 on sneakers imported into the United States.
If the Smoot-Hawley tariff on imported sneakers was repealed, you would expect:
A) consumers in the United States purchase fewer foreign-made sneakers.
B) a company like New Balance, which produces all of its shoes in the United States, to see an increase in sneaker sales.
C) prices on foreign-made sneakers to increase.
D) imports of foreign-made sneakers to increase.
E) exports of domestically made sneakers to increase.
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