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  3. Principles of Macroeconomics Study Set 5
  4. Quiz 15: Exchange Rates and the Open Economy

Canada's Average Tariff Rate Peaked at ________ in 1888 but Dropped

Question 14
Multiple Choice

Canada's average tariff rate peaked at ________ in 1888 but dropped below ________ by 1996. A) 100%;80% B) 85%;40% C) 67%;20% D) 22%;1% E) 8%;2%

Related questions
Q 15
The fall in Canada's average tariff rate is due in part to the establishment of the A) General Agreement on Tariffs and Trade. B) General Agreement on Exports and Imports. C) World Bank. D) International Monetary Fund. E) Organization for Economic Cooperation and Development.
Q 16
An open economy is one that A) relies on a market system to allocate scarce resources. B) relies on central planning to allocate scarce resources. C) has a flexible exchange rate. D) trades with other countries. E) does not trade with other countries.
Q 17
A closed economy is one that A) relies on a market system to allocate scarce resources. B) relies on central planning to allocate scarce resources. C) has a flexible exchange rate. D) trades with other countries. E) does not trade with other countries.
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