After you have studied Economics in the News on pp. 428–429, answer the following questions.

a. What is the TPP?

b. Who in the United States would benefit and who would lose from a successful TPP?

c. Illustrate your answer to part

(b) with an appropriate graphical analysis assuming that tariffs are not completely eliminated.

d. Who in Japan and other TPP nations would benefit and who would lose from a successful TPP?

e. Illustrate with an appropriate graphical analysis who in Japan would benefit and who would lose from a successful TPP, assuming that all Japan’s import quotas and tariffs are completely eliminated.