a. Suppose that the Scarceland economy is currently in recession, so that there is high level of unemployment. the Privs currently have enough government goods, and the Guvs have enough private goods, but each group has less of its own favored goods than it wants. what point is the economy at?--------- is it possible make both groups better off? How? b. A politician seeks support from both Privs and Guvs by promising to implement policies that will lead the economy to produce the amount of private goods favored by the Privis and government goods favored by the Guvs. what point is the Politician promising? Why? What's wrong with this promise? Could it fulfilled now? Could it fulfilled in time? How?
a. Suppose that the Scarceland economy is currently in recession, so that there is high level of unemployment. the Privs currently have enough government goods, and the Guvs have enough private goods, but each group has less of its own favored goods than it wants. what point is the economy at?--------- is it possible make both groups better off? How? b. A politician seeks support from both Privs and Guvs by promising to implement policies that will lead the economy to produce the amount of private goods favored by the Privis and government goods favored by the Guvs. what point is the Politician promising? Why? What's wrong with this promise? Could it fulfilled now? Could it fulfilled in time? How?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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a. Suppose that the Scarceland economy is currently in recession, so that there is high level of
b. A politician seeks support from both Privs and Guvs by promising to implement policies that will lead the economy to produce the amount of private goods favored by the Privis and government goods favored by the Guvs. what point is the Politician promising? Why? What's wrong with this promise? Could it fulfilled now? Could it fulfilled in time? How?
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