The following are some data on the US economy take from the Economic Report ofthe President at https waw gpo gov (Reports from before 2004 can be found at ht'tp'lffraser stiouisfed orgfpublicationsl'ERPl) Year Unemployment Real Govt. Spending Real Civilian Spending Rate (billions) {billions} 1982 9 70% $94? 70 $3572 60 1933 9.50% 960 1 3943.60 1996 5 40% 1 257 90 5570 50 1997 4 90% 1270 60 5920 80 3 Sketch a production possibilities frontier for the years 1952 and 1983 showing the traded-off between public sector [government] and private-sector (civilian) spending Assume that the resource availability and technology were the same in botl years. but notice that the unemployment rate was relatively high. b Sketch a PPF for the years 1996 and 1997 Assume that the resource availability and technology were the same in both years but higher than 1932 and 1993 Note that the unemployment rate in the late 19905 was much lower than in the early 19803 c What lessons did you learn about the US economy of the past 20 years