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Production Possibilities Frontier

ByHomework Help Classof1

"Imagine a society that produces military goods and consumer goods affectionately known as ""guns"" and ""butter"". a. Draw a production possibilities frontier for this economy. Show a point that is: inefficient; efficient; impossible. Explain why your frontier has a ""bowed out"" shape. b. Assume that this society has two political parties- Hawks (who support a strong military) and Doves (who prefer a smaller military presence). Show points on your production possibilities frontier that would represent each party’s position. Which one is best for society? c. Using a production possibilities frontier model, show (using the labels before and after) how the following scenarios would change the economy (shift of, or movement around/inside) the frontier and explain why the change.

Details

Publication Date
Mar 22, 2013
Language
English
Category
Education & Language
Copyright
All Rights Reserved - Standard Copyright License
Contributors
By (author): Homework Help Classof1

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Format
PDF

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