Effects of Free Trade and Restrictions
Question Description
The graph above shows the demand and supply of wrenches for the country of Spain.
- If trade is avoided, Spain consumes _____ wrenches at a price of _____ per wrench.
- With free trade, for a world price of $4 per wrench, Spain is producing _____wrenches.
- With free trade, for a world price of $4 per wrench, Spain is consuming _______ wrenches.
- With free trade, for a world price of $4 per wrench, Spain is importing _________wrenches.
- If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces ____________ and imports __________wrenches.
- If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain’s government collect?_____
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