TOPICS
- Facts About Trade
- Trade Restrictions
- Exchange Rates
- Trade Deficits
OUTCOMES
summarize the importance
of international trade to the U.S. in terms of overall
volume and major trading partners.
list the major imports and exports
of the United States and identify the major its major
trading partners
identify types of trade
barriers
describe the economic impact of
tariffs, including both direct and indirect
effects.
contrast the economic impact of a
quota with that of a tariff.
list six arguments in favor of
protectionist barriers, and critically evaluate
each
who gains from trade restrictions?
who loses?
the two most popular
arguments against free trade are (1) we need to restrict
trade to crease more jobs here, and (2) how can our
workers compete against workers who are paid only a few
dollars a day? Why do these two argments make NO ECONOMIC
SENSE?
why are import quotas more
restrictive than tarriffs?
identify the costs of
protectionist policies and their effects on income
distribution.
understand the benefits and
problems of a "strong dollar" and a "weak
dollar"
what causes exchange rates to
appreciate and depreciate?
understand the causes and effects
of trade deficits
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