We have already learned about Market Function and, separately, Comparative Advantage. This chapter builds on them and brings in market restrictions by governments to offer a compelling story about the benefits of International Trade. After reading the Chapter 9 Content and taking good notes, please address one of the following four prompts: (1) Explain how a country that is (a) closed to trade and (b) is at a Comparative Disadvantage in the production of a product can increase its Social Welfare by allowing imports. Are there any "losers" when this happens? How do we measure the benefits and losses from opening a country up to imports. For this prompt, I'd like you to carefully explain Figure 3 to another student and describe how we might use geometry to measure the impacts of such an opening up of a country tow trade. (2) When a country that is open to trade already imposes a tariff on an import, the text shows us that Deadweight Losses occur. Using Figure 4 as your guide, explain what those losses are and how to measure them? Be sure to include your discussion the impact of any tax revenues raised from the tariff. (3) Dr. Mankiw discusses five other benefits that come from opening a country up to trade (benefits other than the direct gain of Social Welfare). Please list and explain at least three of those five, the three that are most credible/tangible to you based on your life experiences. (4) Dr. Mankiw also lists at least five arguments commonly used to restrict international trade. He tries, mostly successfully, to debunk those arguments. List all five arguments and rank them in order of most plausible to least plausible. based on your experience. Give a one sentence explanation of the argument and then a sentence or so about your opinion on the validity of each argument. BEFORE GOING FURTHER, CONSIDER WHICH OF THE ABOVE OFFERS YOU THE GREATEST LEARNING OPPORTUNITY AND THEN TAKE THAT ONE ON.