Answer:
People as a whole would own all property and businesses. This would result in a fairer distribution of goods and services among people.
Explanation:
The correct answer is B) reduced international tariffs on industrial goods by 40%.
<em>A provision of the General Agreement on Tariffs and Trade Treaty (GATT) is reduced of international tariffs on industrial goods by 40%.
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The GATT was an international trade organization that had the aim of abolishing of quotas and the reduction of trade tariffs for its members. GATT was formed on June 1, 1948. During the meetings called “Uruguay Round”(1986-1994), country members negotiated trade-liberalization agreements, which included the reduction of tariffs on industrial goods by 40% and the reduction of agriculture subsidies.
High tariffs damage the U.S. economy by making it hard to import crops
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Option - A
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Explanation:
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To protect the US industries Smoot-Hawley Traffic Act passed in June 1930 to impose increase in certain tariffs and effected some restrictions on trade. The increase in tariffs is made to boost the US economy.
The high tariff is made to increase the cost of imported products and to increase domestic production. However, the increase in tariff in the year 1930 had made a huge impact in the economy. Because of restriction in imports and high tariff, the availability of goods in markets are reduced and it had lowered the income and unemployment has become a major issue.