What effect did the Embargo Act have on the American economy?

History

2 answers:

goldenfox [79]3 years ago

8 0

<h3>the answer is A) It almost destroyed the American economy.</h3>

telo118 [61]3 years ago

7 0

The effect that the Embargo Act had on the American economy back in 1807 was that it almost destroyed the American economy. This is because the Act restricted ships to leave US ports and to export anything, leading to the rise of unemployment and low economic activity due to less trading.

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Gross domestic product is an economic indicator that represents the value of all goods and services produced by a country during a given period (usually one year) used to measure the wealth that a country generates.

For example, in 2019, the GDP of the United States was about 21.4 trillion dollars, while the GDP of other developed countries such as China was about 14.3 trillion dollars, and Japan had a GDP of about 5 trillion dollars. From the above, it can be United States has a higher gross domestic product.

On the other hand, United States does not have the highest standard of living because countries such as finland have a higher standard of living, still United States has a relative unemployment rate and its economy is based in the gold standard.

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