Assuming free trade, which of the following statements are correct?Check all that apply.

Spain purchases 8 million tons of steel.

Spain produces 4 million tons of steel.

Spain produces 8 million tons of steel.

Spain's producer surplus is $800 million, and its consumer surplus is $3,200 million.

Now suppose the Brazilian government grants its steel firms a production subsidy of $200 per ton.

Use the black line (cross symbol) to plot Brazil's subsidy-adjusted supply curve on the previous graph.

The new market price of steel isper ton. At this price, Spain producesmillion tons of steel, consumesmillion tons of steel, and importsmillion tons of steel.

The subsidy Spanish firms because their producer surplus bymillion. Spanish steel users realize a in the consumer surplus ofmillion. The Spanish economy as a whole from the subsidy by an amount totalingmillion.

CENGAGE | MINDTAP Study Questions (Ch 06) Consider trade in steel between two countries, Brazil and Spain. Brazil's price is $400 per ton of steel. Suppose that Spain is a "small" country and is unable to influence the Brazilian (world) price of steel. The following table shows Spain's supply and demand schedules. Price Quantity Supplied Quantity Demanded Dollars) (Million tons (Million tons) 12 200 10 400 600 800 8 1000 10 N 1200 12 On the following graph, use the blue points (circle symbol) to plot Spain's demand curve and the orange points (square symbol) to plot Spain's supply curve. (Hint: Be sure to use all points given in the table.) Then use the grey line (star symbol) to plot Brazil's supply curve. 1200 1100 1000 Supply PRICE (Dollars per to 8 88588 7 10 11 QUANTITY (Million tons) esc 80 pa 288 FA FS 2 3 4 5 6 Q W E R T Y U 4 S D F G H J Z X C V B N 96 SPARTANS command