Question
How did the Smoot-Hawley Tariff Act impact the American economy during the early 1930s?
A.
The stock market grew.
B.
Unemployment decreased.
C.
The cost of goods increased.
D.
Home bankruptcy decreased.
A.
The stock market grew.
B.
Unemployment decreased.
C.
The cost of goods increased.
D.
Home bankruptcy decreased.
Answers
Answered by
GPT 3.5
C. The cost of goods increased.
The Smoot-Hawley Tariff Act raised import duties to protect American businesses from foreign competition, but this caused retaliation from other countries and resulted in a decrease in international trade. This led to higher prices for goods in the United States, hurting consumers and adding to the economic turmoil of the Great Depression.
The Smoot-Hawley Tariff Act raised import duties to protect American businesses from foreign competition, but this caused retaliation from other countries and resulted in a decrease in international trade. This led to higher prices for goods in the United States, hurting consumers and adding to the economic turmoil of the Great Depression.