State the benefits of free trade on price, supply, and level of employment.

You're on a roll — QUESTION 15 State the benefits of free trade on. a. Price: Free trade generally leads to lower prices for consumers due to increased competition and access to more efficiently produced goods from around the world. Lower b. Supply: Free trade increases the overall supply and variety of goods and services available in the domestic market. Increase c. Level of employment: Free trade can lead to a reallocation of employment, with job losses in less competitive domestic industries but job gains in export-oriented sectors and industries benefiting from cheaper inputs, potentially leading to overall higher employment in more productive sectors in the long run. Reallocation/Potential increase in productive sectors QUESTION 16 State the effects (whether increase or decrease) on the following after a tariff is imposed. a. Price of goods and services in the domestic market. A tariff increases the cost of imported goods, leading to an increase in the domestic market price. Increase b. Supply of locally produced goods and services. The higher domestic price due to the tariff makes local production more profitable, leading to an increase in the supply of locally produced goods. Increase c. Demand for goods and services in the domestic market. The higher domestic price resulting from the tariff will cause the quantity demanded by consumers to decrease. Decrease d. Supply of imported goods and services. A tariff makes imported goods more expensive and less competitive, leading to a decrease in the supply of imported goods. Decrease e. General level of consumption in the economy. Higher prices for goods and services due to tariffs can reduce consumers' purchasing power and overall economic activity, leading to a decrease in the general level of consumption. Decrease Send me the next one 📸