Review Notes - International Trade

- Trade Barriers.: - definitions: quotas and tariffs.; - Demand and Supply Analysis for both quotas and tariffs.; - Who wins and who loses for tariffs? Who wins and who loses for quotas?
- Exchange rates.: - Definitions: what is an exchange rate?, appreciation and depreciation of currency.; - application to D & S - Why demand foreign currency? Why supply foreign currency? Graphs (regular D & S with Q = Q of foreign exchange and P = P of foreign exchange).