Iceland has no military. (a) So, at what point in Figure 1.1 is Iceland producing? (b) If
Question:
Iceland has no military.
(a) So, at what point in Figure 1.1 is Iceland producing?
(b) If Iceland decided to produce the quantity OE of military goods, how much consumer output would it have to give up?
FIGURE 1.1 A Production Possibilities Curve
Transcribed Image Text:
A: Maximum output of consumer goods Limited resources necessitate cholces about WHAT 10 produce. B: Maximum autput of military goods в OUTPUT OF MILITARY GOODS (units per year) Maximum combinations of goods OUTPUT OF CONSUMER GOODS (unts per year)
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