If the U.S. government is indebted $200, and if $100 is in the form of an externally held public debt, while another $100 is an internally held public debt, the impacts of these two different debts on the U.S. economy differ. Explain.
Answer to relevant QuestionsThe World Trade Organization (WTO) has often been on the front pages of our newspapers. What is its history and what is it designed to do? Many Detroit autoworkers do not buy the argument that everybody gains in international trade. What's their point? Is the United States a nation that believes in and promotes free trade? Trace the history of U.S. tariffs to make your point. Think about the United States and Japan. Suppose the exchange rate, yen per dollar, falls from 125 yen to 100 yen. How would that affect trade between the United States and Japan? Change the numbers in the table in practice problem 1 so that the equilibrium exchange rate is 6 pounds per U.S. dollar. What explanation can you offer for such changes?
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