Ch 9 Study Guide Practice Problems OPEN vs. CLOSED ECONOMY FREE TRADE vs. RESTRICTED TRADE a. b. c.

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Presentation transcript:

Ch 9 Study Guide Practice Problems OPEN vs. CLOSED ECONOMY FREE TRADE vs. RESTRICTED TRADE a. b. c.

Ch 9 Study Guide Practice Problems d

e

f

g

h. Consumers lose?

Ch 9 Study Guide Practice Problems h. Producers gain?

Ch 9 Study Guide Practice Problems i. Gains from trade?

a.

b., c.

d

e

f

g

h. Consumers gain?

h. Producers lose?

i. Gains from trade?

a. Free trade b. tariff

c. Before tariff CS + PS

d. after tariff CS + PS and Govt. rev. e. DWL f. Sources of DWL

g. Quota gives same results of $1 tariff h. Tariff to eliminate trade?

Study Guide pg. 4

1. CS before 2. CS after 3. gain/loss =

Study Guide pg PS before 5. PS after 6. gain/loss

Study Guide pg TS before 8. TS after 9. Gain/loss 10. New S curve 11. Imports before 12. Imports after 13. E = ? 14. overprod. 15. Under cons License holder surplus

Free Trade: How many are sold domesitcally? Restricted Trade: How many are sold domestically? Why are tariffs more efficient than quotas?

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