Symbols Effects of Free Trade and Restrictions Use the graph below to answer the following questions: Price $11.00 $7.50 $6.00 $4.00 D 6 9 12 15 Quantity The graph above shows the demand and supply of wrenches for the country of Spain. 1. If trade is avoided, Spain consumes wrenches at a price of per wrench. 2. With free trade, for a world price of $4 per wrench, Spain is producing wrenches. 3. With free trade, for a world price of $4 per wrench, Spain is consuming wrenches. 4. With free trade, for a world price of $4 per wrench, Spain is importing wrenches. 5. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, Spain produces and imports wrenches. 6. If the world price is $4 per wrench, and the government of Spain imposes a tariff of $2, how much tariff revenue will the Spain's government collect? COPYRIGHT 2018