During the Great Depression the Smoot Hawley act had the following effects O International trade decreased and protectionist policies decreased International trade expanded and protectionist policies decreased International trade decreased and protectionist policies increased O International trade expanded and protectionist policies increased A policy which requires governments to purchase nationally produced goods and services is commonly referred to as a O procurement policy subsidy policy infant industry policy tariff policy When comparing the dynamic response to an increase in demand O price will rise less rapidly with a quota compared to a similar tariff O price will rise more rapidly with a quota compared to a similar tariff O price will rise the same with a quota compared to a similar tariff O price will only increase with a tariff
