1. Suppose the Federal Reserve Board unexpectedly raises interest rates in the United States. How will this action affect the foreign-exchange market?

2. What is free trade? Who benefits from it?

3. What is the infant industry argument?

4. What are the different types of tariffs?

5. Why is it useful for an importer to seek out an advance tariff classification from the U.S. Customs Service?

6. Why might a country adopt a VER?

7. What is an FTZ?

8. What does most favored nation (MFN) mean?

9 . Under what conditions can WTO members not use MFN when dealing with one another?

10. How does the WTO differ from GATT?

11. Why do free trade areas develop rules of origin?

12. What was the goal of the Treaty of Rome?