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Task 3:
Recently, the US began to import wine from France. There are some opponents that argue imports will cut the price of domestic wine, leading to a decrease in the number of jobs in the US wine industry.
Provide counter-evidence that imports will bring overall benefits to our nation in terms of improving the total welfare .
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Task 4:
The exchange rate between dollar and yen was 120¥/$; and the exchange rate between dollar and euro is 1.3€/$ in 2014, and the exchange rate increased to 130¥/$ and 1.5€/$, respectively in 2015.
Predict the pattern of export and import between those three countries in 2015 compared to 2014. In other words, would exports from US to Japan and European countries increase or decrease? Would imports from Japan and European countries to US increase or decrease?
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