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QUESTION ONE: GAINS FROM TRADE AND TARIFFS Graph One: NZ Market for Footwear Price ($) S Pdom - - - - d Pw SW Q1 Qdom Q2 Quantity a) Graph One shows the Footwear market as it would exist with free trade. Complete Table One by using the letters or labels from the graph to describe the following changes that result when free trade is allowed in this market. Table One AREA INCREASE or DECREASE Change in consumer surplus Change in producer surplus Change in allocalive officioncy The quantity of imports that result b) Referring to Graph One and Table One explain why the New Zealand Government largely supports free trade in terms of efficiency @ NV/GETA Economics Level 1 Achievement Standard 91399 (3.1) Practice Assessment 2020 NZCETA has approval from NZOA to use their materials in the development of this resource