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How to solve this? 3. Analyze the following circular flow and fill in the blanks. (a) If Box B represent firms, then Box A repre-

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3. Analyze the following circular flow and fill in the blanks. (a) If Box B represent firms, then Box A repre- sent = . (b) If Box C represent markets for goods and services, then Box D repre- sents (C) If Box C represent B households, then Box repre- sents firms. D'PPF2 represents PPF PPF Shoes 6. Analyze the following and fill in the blanks. Price of Carnations (a) Total revenue collected by the govern- $14 Domestic ment from the tariff = 400 . (b) Price Supply when there is no trade = _ 8 . (c) Im- 12 ports when there is trade but no tariff = 10 400 (d) Imports when there is trade 8 but with tariff = Zoo . (e) Consumer surplus when there is trade but no tariff Tariff $ 900 (f) Deadweight loss becuase of World Price tariff = $ 2 2 Domestic Demand 100 200 300 400 500 600 Quantity of Carnations (in dozens)

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