"Rich people don't pay their fair share of taxes." Do you agree or disagree with the statement above? Fully explain your response. Should income in the U.S. be equally divided amongst all people in the U.S.? Is US income more equally distributed than is World income? Why are some people poor? Do government transfer programs successfully help poor people during times of need?

1. 1 US $ = _______ Chinese Yuan
2. 1 Chinese Yuan = _______ US $
3. 1US $ = _______ EURO
4. 1 EURO = _______ US $

Hint: The following website is one of many that may help with the currency calculation:

http://www.x-rates.com/calculator.html

1. Does the US import more ($ value) than it exports or does the US export more than it imports? Is this a good thing, bad thing, or neither? Fully explain.
2. Make the case in favor of international trade based on comparative advantage.
3. Who are the winners and who are the losers when tariffs or quotas are implemented?
4. Make the case for restricting international trade.