Question

In an effort to get out of its economic worries, Great Britain did two things that instead proved economically fatal. What were they? Select all that apply.

Answer 1

the correct answers are “raised tariffs” and “raised taxes.

Because of the Great Depression, the government was eager to recover economically and set these two things as a manner to do so. But instead, the purchasing power has diminished and many entrepreneurs felt discouraged to start a business and beget more job opportunities for the population.

Answer 2

a) Increased Taxes

b) Tariffs

Tariffs are taxes, which form a wedge between the price spent by buyers of imported goods and the one foreign sellers get. Narrow tariffs directed at particular products, such as cars, push consumers towards home-made goods and aside from imports, they might otherwise prefer. (Broader tariffs including a large share of imports are more complex, as exchange rates can move to offset some of their effects.