Suppose that you have been appointed as the Speaker of the House. You should deliver a speech regarding the current state of the U.S. macro economy to a number of amateur reporters who are not familiar with economics.
Make a 750 to 1,050 word speech in simple terms and concepts which focus on the international trade and foreign exchange rates.
Integrate a summary of your answers to the given problems and cite external research to further validate your facts:
a) What happens when there is a surplus of imports brought to the U.S.? Cite a specific illustration of a product with an import surplus, and the impact which has on the U.S. businesses and consumers included.
b) Describe the effects of international trade on GDP, domestic markets and university students?
c) How do government choices in regards to tariffs and quotas influence international relations and trade?
d) Describe the foreign exchange rates?
e) How are they determined?
f) Why doesn't the U.S. simply restrict all goods coming in from China?
Why can't the U.S. just reduce the amount of imports coming in from all other countries?