Module 5 is a review session followed by Exam #1 over modules 1 through 4.  You should turn in your first issue-paper when you take exam #1. 

The syllabus link on the course cover page has guidance for taking exam #1 and for writing essays.  Follow the guidance in the "How to Prepare for Exams and Issue-papers" link on the red Need-to-know menu of your syllabus.

19.3   Explain how trade barriers reduce international trade.

Observe the impact of the tariff using the diagram on T-Shirts on text page 495.

 19.4   Explain the arguments used to justify trade barriers and show why they are incorrect but also why some barriers are hard to remove.

The laundry list of arguments  for protection run from text page 499 to 505.

 19.3   Explain how trade barriers reduce international trade.

A.  Tariffs reduce trade by raising the price of imports by the amount called a tariff.  

B.  A quota reduces trade by specifying the maximum amount of a good that may be imported per period of time. 

C.  Voluntary export restraints called VERs reduce trade through agreements with exporting countries to restrain the volume of exports.

 19.4   Explain the arguments used to justify trade barriers and show why they are incorrect but also why some barriers are hard to remove.

A.  Credible arguments include national security, the infant-industry, and dumping.  But in general these arguments are overwhelmed by the economic argument.  

B.  Flawed arguments like saving jobs, cheap labor, protecting culture, environment, and exploitation are without economic merit, but (1) create tariff revenue for governments and (2) gratify rent-seeking businesses at the expense of consumers.

Take the optional post-study bonus point quizzes on International Trade on Saturday following Module 4.

Expect to review for and to take Exam #1 during Module 5.

Re-check your work for completeness, accuracy, and understanding on all portions of the textbook and study guide relating to Getting Started, Making and Using Graphs, The U.S. and Global Economies, The Economic Problem, and International Trade. 

Take the optional pre-study bonus point quizzes on Demand and Supply on Sunday preceding Module 6.