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a. If BB' represents a country's current production possibilities curve (PPC), which would be its PPC if there were a major technological break- through in
a. If BB' represents a country's current production possibilities curve (PPC), which would be its PPC if there were a major technological break- through in the consumer goods industry and the new technology was widely adopted? (Use two letters to indicate the curve.) b. If BB' represents a country's current PPC, which would be its PPC if a new government were to come into power which forbids the use of auto- mated machinery and production techniques in all industries? c. If BB' represents a country's current PPC, which would be its PPC if massive new sources of oil and coal were found within the economy and if there were technological breakthroughs in both sectors of the economy? d. If new resources were found and new technology created what point above would become more attainable? e. If a country is not fully and efficiently utilizing its resources, it would be producing at a point such as? Using the diagrams below, illustrate the impact on the economy's production possibilities of each of the following scenarios. 3. An atomic bomb hits the continental United States and half of the labor force is wiped out. 4. Research in computer-aided design (CAD) results in technological improvements that increase the efficiency of existing machines and equipment of all types. 5. SDI research results in a new raw material for producing weapons. Unfortunately, the material cannot be used for butter production. 6. The economy goes into a recession, resulting in an unemployment rate of 10%. 7. Political refugees from former Croatia enter the U.S. with specialized skills related to the dairy industry
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