7.023.docx - Name Facilitator Date School 7.03...

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Name: Date: July 18, 2018 Facilitator: School: 7.03 International Trade Use the following to chart to answer the questions below about international trade. Assume that the world price for widgets is $9. 1. If the government places a $3 tariff on all foreign produced widgets, the total domestic production will be 12 . 2. The total number of imported widgets with a $3 tariff will be 27 . 3. How much revenue will a foreign producer make if there is no tariff or quota? .45 . 4. The value of consumer surplus with free world trade would be .45 and the value of consumer surplus in a closed economy would be 27 . 5. The value of producer surplus with free world trade would be 27 , and the value of producer surplus in a closed economy would be
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