1. Using economic analysis and the production possibilities curve, explain what happened in the mid-1970s when a large number of political refugees from Vietnam immigrated to the U.S. Prior to that time we were at full employment and full production.

• Explain the short-term and long-run consequences.
• Prior to any changes where is the economy in relation to unemployment?

• Did the change that occurred affect resources, technology, or capital goods?

• After the change will the economy grow or shrink?

2.Using economic analysis and the production possibilities curve, explain what would happen to the production of capital and consumer goods in a small island nation that is devastated by a hurricane. Prior to that time, we were at full employment and full production.

• Explain the short-term and long-run consequences.
• Prior to any changes where is the economy in relation to unemployment?

• Did the change that occurred affect resources, technology, or capital goods?

• After the change will the economy grow or shrink?

3.Using economic analysis and the production possibilities curve, explain what happened to the production of capital and consumer goods as a result of the Industrial Revolution in the 1850s. Prior to the Industrial Revolution, we were at 10% unemployment.

• Explain the short-term and long-run consequences.
• Prior to any changes where is the economy in relation to unemployment?

• Did the change that occurred affect resources, technology, or capital goods?

• After the change will the economy grow or shrink?

4.Using economic analysis and the production possibilities curve, explain what happened to the production of capital and consumer goods in Japan after World War II when the United States Occupation Forces controlled production decisions. Prior to the U.S. Occupation, Japan was producing at a point typical of nations fighting a war with full employment and full production.

• Explain the short-term and long-run consequences.
• Prior to any changes where is the economy in relation to unemployment?

• Did the change that occurred affect resources, technology, or capital goods?

• After the change will the economy grow or shrink?

5.Using economic analysis and the production possibilities curve, explain what happened to the production of capital and consumer goods when the U.S. government increased spending on research and technology by $ 3 billion. At the time of the increase, we were at 6.2% unemployment.

• Explain the short-term and long-run consequences.
• Using Economic Analysis( before the change, the change, and after the change) write three sentences to explain what happened in the question and whether the economy will grow or shrink.

6.Using economic analysis and the production possibilities curve, explain what happened to the production of capital and consumer goods when an oil embargo halted all imports of oil. At the time of the embargo, we were at full employment and full production.

• Explain the short-term and long-run consequences.
• Using Economic Analysis( before the change, the change, and after the change) write three sentences to explain what happened in the question and whether the economy will grow or shrink.