With free trade, for a world price of $4 per wrench, Spain is importing _________wrenches. 5. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces ____________ and imports __________wrenches. 6. 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? _____

With free trade, for a world price of $4 per wrench, Spain is importing ___wrenches. 5. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces and imports wrenches. 6. 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? _

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter29: Resource Markets

Section: Chapter Questions

Problem 8E

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