Statement I: Many economists believe that the Smoot-Hawley Tariff of 1930 made the Great Depression a lot worse than it might have otherwise been.
Statement II: Tariffs were considered purely a revenue-raising device in the 19^th century,rather than a method to protect American industry from competition.

Question

Quizplus · Accepted Answer

Statement I is widely accepted by many economists who have studied the Great Depression and the impact of the Smoot-Hawley Tariff. However, statement II is false. Tariffs have been used to protect American industry from foreign competition since the early days of the United States, and this was one of the main motivations for the Smoot-Hawley Tariff.

Statement I: Many Economists Believe That the Smoot-Hawley Tariff of 1930