Asked by saurav basnet on Jul 13, 2024
Verified
All of the following statements are true except
A) Until 1971 the United States had run a trade surplus virtually every year of the 20th century.
B) The U.S.ran relatively small trade deficits through most of the 19th century.
C) The U.S.was the only industrial power to raise tariffs during the 1930s.
D) World trade in the 1930s dwindled to a fraction of what it had been in the 1920s.
Trade Surplus
A situation where a country exports more goods and services than it imports, leading to a positive balance of trade.
Tariffs
Taxes imposed on imported goods, often used to protect domestic industries from foreign competition.
- Acquire knowledge about the historical setting of U.S. trade policies and their economic ramifications.
Verified Answer
CR
Carlos R Zarate AparicioJul 16, 2024
Final Answer :
C
Explanation :
The statement in option C is false. The United States was not the only industrial power to raise tariffs during the 1930s. Other countries such as Canada, France, and the United Kingdom also raised tariffs during that time period.
Learning Objectives
- Acquire knowledge about the historical setting of U.S. trade policies and their economic ramifications.