 Solution

Two norms are Lipschitz equivalent norms if constants $c,C>0$ satisfy $c\Vert u{\Vert }_1\le \Vert u{\Vert }_2\le C\Vert u{\Vert }_1$ for every $u$. On the vector space of finitely supported sequences, the norms $\Vert x{\Vert }_1=\sum |x_i|$ and $\Vert x{\Vert }_{\infty }=\max |x_i|$ are not equivalent: a vector with $N$ entries equal to one has the two norms $N$ and one.

For dimension $d<\infty$, choose a basis and write $u=\sum x_i{e}_i$. Any norm satisfies $\Vert u\Vert \le \sum |x_i|\Vert e_i\Vert \le C|x{|}_2$. This also implies its continuity in the Euclidean coordinates, by $|\Vert u\Vert -\Vert v\Vert |\le \Vert u-v\Vert \le C|x-y{|}_2$. Its positive continuous values on the compact Euclidean unit sphere have a positive minimum $c$. Homogeneity gives $c|x{|}_2\le \Vert u\Vert$, proving equivalence with the Euclidean norm and hence between any two norms.

If a finite-dimensional subspace $U$ of a normed space contains a sequence converging in the ambient norm, its coefficient vectors are Cauchy by this equivalence. The coefficients converge in ${\mathbb{R}}^d$ or ${\mathbb{C}}^d$, and the reconstructed vector lies in $U$ and is the ambient limit. Thus finite-dimensional subspaces are closed.

A finite-dimensional normed space has nonempty open balls with compact closures by equivalence and Heine-Borel. Conversely let an open set $O$ have compact closure. Choose $w\in O$ and $r>0$ such that $B(w,r)\subset O$. Its closed ball of radius $r/2$ is a closed subset of the compact closure of $O$ and is therefore compact. Translation and scaling make the closed unit ball compact.

If the space were infinite-dimensional, construct unit vectors $x_j$ with $\mathrm{dist}(x_j,\mathrm{span}(x_1,\dots ,x_{j-1}))>1/2$. Here is the needed Riesz lemma: for a proper closed subspace $M$, choose $z\notin M$, put $d=\mathrm{dist}(z,M)>0$, and choose $m\in M$ with $\Vert z-m\Vert <2d$; then $(z-m)/\Vert z-m\Vert$ has distance greater than $1/2$ from $M$. The finite spans are closed by the earlier argument, so this constructs the sequence. Its members are separated by more than $1/2$, and have no convergent subsequence, contradicting compactness. Therefore the space is finite-dimensional exactly when it has a nonempty open set with compact closure.