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

2. Ch 9 Study Guide Practice Problems d

3. e

4. f

5. g

6. h. Consumers lose?

7. Ch 9 Study Guide Practice Problems h. Producers gain?

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

9. a.

10. b., c.

11. d

12. e

13. f

14. g

15. h. Consumers gain?

16. h. Producers lose?

17. i. Gains from trade?

18. a. Free trade b. tariff

19. c. Before tariff CS + PS

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

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

22. Study Guide pg. 4

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

24. Study Guide pg. 4 4. PS before 5. PS after 6. gain/loss

25. Study Guide pg. 4 7. 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

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