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Question 4 (Macroeconomics, 30 points). The relationship between China and the United States is often in the news. To refresh your memory, here are four facts about the Chinese economy: . China manages its exchange rate with the dollar. . China runs a trade surplus with the United States. . The Chinese central bank owns a large number of U.S. Treasury bills. . Individual Chinese residents are not free to invest their savings in foreign coun- tries as they would like. Any movement away from a managed exchange rate would probably include a relaxation of these restrictions. Now evaluate the following claims below with three to five sentences for each. You should also feel free to use graphs or equations where appropriate. Your goal is to discuss why the claim is true, partially true, or not true at all. a. (5 points) "Cheap imports from China come a steep cost - lost jobs and lower wages for American workers."Question 4 (Macroeconomics, 30 points). The relationship between China and the United States is often in the news. To refresh your memory, here are four facts about the Chinese economy: . China manages its exchange rate with the dollar. . China runs a trade surplus with the United States. . The Chinese central bank owns a large number of U.S. Treasury bills. . Individual Chinese residents are not free to invest their savings in foreign coun- tries as they would like. Any movement away from a managed exchange rate would probably include a relaxation of these restrictions. Now evaluate the following claims below with three to five sentences for each. You should also feel free to use graphs or equations where appropriate. Your goal is to discuss why the claim is true, partially true, or not true at all. a. (5 points) "Cheap imports from China come a steep cost - lost jobs and lower wages for American workers."