Submit Project Memo #1 – U.S. Net Exports Component of the GDP since 1947 [
1. Go to
Federal Reserve Economic Data
(FRED) portal and construct the stacking graph of GDP components since 1947 till present using the step-by-step procedure in the handout “
How to Construct the GDP Stacking Graph
”. Observe the dynamics of each GDP component.
2. Consider the following scenario:
You have constructed the stacking graph of the U.S. GDP, which shows the dynamics of various GDP components from 1947 till present. For this activity, observe the changes of the net export (NX) component and respond to the following scenario.
You are the economic research staff to the United States Trade Representative (USTR). Some members of Congress and the President of the United States have pressured the USTR to develop aggressive protectionist policy in response to persistent trade deficits. Use the information on GDP components and your understanding of economics to recommend and defend one of the following actions by the USTR in a written memo.
A. The USTR should recommend a substantial increase in U.S. tariffs on imports because the increased price of imports will decrease the demand for them and therefore tilt the net export component toward the positive territory.
B. The USTR should continue to advocate low tariffs because each country’s specialization provides for the most efficient production of a good or service and the imposition of a tariff disturbs the efficient allocation of resources.
C. The USTR should recommend a substantial increase in U.S. tariffs on imports because the higher prices of imports give an advantage to domestic products within the same market, therefore, helping domestic industries to grow.
D. The USTR should continue to advocate low tariffs because lower tariffs and fewer restrictions on the movement of goods and services across international borders drives economic development throughout the world.
3. Read ”
How to Write a Memorable Memo
” and write a 2-page business memo to your direct supervisor at the United States Trade Representative (USTR) office persuasively arguing your policy recommendation. Remember to include any data you are citing as a table, graph, or chart. Economists like visuals! The memo should be no less than 500 words and no more than 2 pages. Use the handout “
How to Write a Memorable Memo
” to help you structure your memo. Make sure to cite any data or research/popular sources at the end of the memo in the Bibliography section, which should be in the
Chicago Author-Date style
. The bibliography is in addition to word count and to page-count.
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