6. Has trade been increasing or decreasing over the past few decades as a fraction of GDP?...

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6. Has trade been increasing or decreasing over the past few decades as a fraction of GDP? What could explain why the ratio of imports to GDP in the United States fell sharply in the 1930s? Hint: Read the Wikipedia entry about the Smoot–Hawley Tariff Act.

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Macroeconomics

ISBN: 125389

3rd Global Edition

Authors: Daron Acemoglu ,David Laibson ,John List

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