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If the government places a $4 tariff on all foreign produced gizmos, the total domestic production will be ___. The total number of imported gizmos with a $4 tariff will be _____. The value of consumer surplus with free world trade would be _____ and the value of consumer surplus in a closed economy would be _____. The value of producer surplus with free world trade would be _____, and the value of producer surplus in a closed economy would be _____ Will domestic production be greater in a closed or open economy? What would be the revenue without tax? The domestic supply at $2 is _____. Choose one of the five arguments that are commonly used to support the protectionist argument and explain HOW IT RELATES TO TRADE. (These are in section 2. The five arguments are: national defense, infant industries, protecting domestic jobs, keeping the money at home, and helping the balance of payments)

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