Podcast
Questions and Answers
In 1930, the Republican-controlled House of Representatives passed the Hawley-Smoot ______ Act in an effort to alleviate the effects of the Great Depression.
In 1930, the Republican-controlled House of Representatives passed the Hawley-Smoot ______ Act in an effort to alleviate the effects of the Great Depression.
Tariff
The Hawley-Smoot Tariff Act ______ tariffs in an effort to collect more revenue for the federal government.
The Hawley-Smoot Tariff Act ______ tariffs in an effort to collect more revenue for the federal government.
raised
The United States sank deeper into the Great Depression after the Hawley-Smoot Tariff Act, indicating that the act ______ work as intended.
The United States sank deeper into the Great Depression after the Hawley-Smoot Tariff Act, indicating that the act ______ work as intended.
did not
The Laffer Curve suggests that at a certain point on the revenue curve, increasing tax rates can result in the same amount of revenue as at a ______ point.
The Laffer Curve suggests that at a certain point on the revenue curve, increasing tax rates can result in the same amount of revenue as at a ______ point.
Vice President Bush referred to the Laffer Curve theory as '______ economics' in 1980, highlighting its controversial nature.
Vice President Bush referred to the Laffer Curve theory as '______ economics' in 1980, highlighting its controversial nature.
Flashcards
Smoot-Hawley Tariff Act
Smoot-Hawley Tariff Act
An act passed in 1930 that raised tariffs in the U.S.
Effect of Smoot-Hawley Tariff
Effect of Smoot-Hawley Tariff
The effect of the Smoot-Hawley Tariff Act was that it worsened economic conditions and deepened the Great Depression in the United States.
Laffer Curve
Laffer Curve
A curve illustrating the relationship between tax rates and tax revenue, suggesting that there is an optimal tax rate that maximizes government revenue.
Voodoo Economics
Voodoo Economics
Signup and view all the flashcards
Revenue
Revenue
Signup and view all the flashcards
Study Notes
- The Republican-controlled House of Representatives passed the Smoot-Hawley Tariff Act in 1930 to alleviate the effects of the Great Depression.
- The Smoot-Hawley Tariff Act raised tariffs.
- The goal of raising tariffs was to collect more revenue for the federal government.
- The Smoot-Hawley Tariff Act did not work.
- The United States sank deeper into the Great Depression after the Smoot-Hawley Tariff Act was put in place.
- The Laffer Curve suggests at a certain point on the revenue curve, the same amount of revenue can be obtained as at another point.
- The Laffer Curve is controversial.
- Vice President Bush called the Laffer Curve "voodoo economics" in 1980.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This content discusses the Smoot-Hawley Tariff Act of 1930 and its unintended consequences, deepening the Great Depression due to raised tariffs failing to increase revenue. It also touches on the Laffer Curve and its controversial economic theory.
