Imagine that the society has two political parties

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Imagine a society that produces military goods and consumer goods, which we we’ll call “guns” and “butter.”(Please measure quantities of guns produced on the vertical axis) a) Draw a production possibilities frontier for guns and butter. Using the concept of opportunity cost, explain why it most likely has a bowed-out shape. b) Show a point that is impossible for the economy to achieve. Show a point that is feasible but inefficient. c) Imagine that the society has two political parties, called the Hawks (who want a strong military) and the Doves (who want a smaller military). Show a point on your production possibilities frontier that the Hawks might choose and a point that the Doves might choose.

Reference no: EM13146504

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