Assume that the team has been appointed as speech writers for the Speaker of the House. The team must write a speech which the Speaker must deliver about the current state of the U.S. macroeconomy to a number of amateur reporters who are unfamiliar with economics.
Prepare a 750- to 1,050-word speech in simple terms and concepts that focus on international trade and foreign exchange rates.
Integrate a summary of your answers tothe following questions and cite external research to further justify your facts:
- What happens when there is a surplus of imports brought into the U.S.? Cite a specific example of a product with an import surplus, and the impact that has on the U.S. businesses and consumers involved.
- What are the effects of international trade to GDP, domestic markets and university students?
- How do government choices in regards to tariffs and quotas affect international relations and trade?
- What are foreign exchange rates? How are they determined?
- Why doesn't the U.S. simply restrict all goods coming in from China? Why can't the U.S. just minimize the amount of imports coming in from all other countries?