Help me study for my Economics class. I’m stuck and don’t understand.
Title: Spain Demand and Supply Graph – Description: The graph shows the supply and demand graph of wrenches in Spain. Equillibrium is at 9 wrenches for $7.50.
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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