1. What is the equilibrium exchange rate and how does it relate to supply and demand for a country's currency?

2. How does the nominal exchange rate differ from the real exchange rate, and why do economists use the real exchange rate when analyzing trade?

3. How can a currency depreciate while the real exchange rate remains unchanged?

1. What types of events outside fiscal and monetary policy can impact the foreign exchange market?

2. How do environmental disasters affect a country's currency and its ability to trade?

3. How can political developments and elections influence the value of a country's currency?

4. Why does war have such a devastating effect on a country's currency and forex position?

1. What is a tariff and how does it affect the price of imported goods for consumers and manufacturers?

2. What are the main arguments in favor of using tariffs to protect domestic economies?

3. What was the Smoot-Hawley Act and what were its effects on trade and the Great Depression?

4. How did U.S. tariff policy change after World War II, and what role did GATT play in this shift?

1. What is an import quota and how does it differ from a tariff as a trade barrier?

2. What types of goods does the United States restrict through import quotas?

1. What is the World Trade Organization and what role does it play in international trade?

2. What are the positive and negative effects the WTO has had on international trade and employment?

1. What were the main causes of the U.S.-China trade war that began in 2018?

2. How did the United States and China escalate tariffs during the trade war, and what was the estimated economic impact?

3. How did the trade war affect the U.S. dollar and Chinese yuan on the foreign exchange market?

4. Why were U.S. consumers, farmers, and manufacturers more severely impacted by the trade war than Chinese consumers?