Based on what we know about the economic impact of tariffs and quotas, which of the following is a historically flawed reason for a government to have restrictive trade policies?

1. When concerns over human rights and the environment are used to increase tariffs.
2. When a country becomes convinced that its trading partners are engaging in dumping or currency manipulation.
3. When the value of the dollar fluctuates compared to foreign currency.
4. When a government has decided that it needs to eliminate a balance of trade deficit with another nation.
5. All the above.

The passage of NAFTA in 1994 led to a(n) _______in exports between the U.S., Canada, and Mexico. As a result, total job creation in each nation _______and wages for American factory workers __________. This is one reason why economists ________President Biden's recent executive order requiring government agencies to "Buy American."

1. Decrease; decreased; decreased; supported
2. Increase; increase; decreased; have not supported
3. Decrease; no change in; decreased; supported
4. Increase; increased; increased; have not supported

The post-World War II period represented the __________ era in U.S. tariff policy. This led to___________. 1930 was the year __________.

1. Revenue; job creation and a healthier economy; NAFTA was passed.
2. Restriction; the Great Depression; The Smoot-Hawley bill passed.
3. Reciprocity; global economic growth; Congress reduced trade with other nations.
4. Restriction; a more efficient approach to trade policy; the revenue era began.
5. B and D only