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Scarcity, Opportunity Cost and PPC practice activity Introduction: Assume the US government has discovered it has a surplus in its budget of $100 billion. One party wishes to invest this surplus in new resources for education, while the other wishes to invest in new defense infrastructure. 1. Assuming government will spend the entire surplus on either education or military, complete the table below showing the possible combinations towards which the US government can allocate its funds. Education: $0 $100 Military: $100 $0 2. Plot the US's production possibilities on a PPC diagram:

Scarcity, Opportunity Cost and PPC practice activity Introduction: Assume the US government has discovered it has a surplus in its budget of $100 billion. One party wishes to invest this surplus in new resources for education, while the other wishes to invest in new defense infrastructure. 1. Assuming government will spend the entire surplus on either education or military, complete the table below showing the possible combinations towards which the US government can allocate its funds. Education: $0 $100 Military: $100 $0 2. Plot the US's production possibilities on a PPC diagram:

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Scarcity, Opportunity Cost and PPC practice activity Introduction: Assume the US government has discovered it has a surplus in its budget of $100 billion. One party wishes to invest this surplus in new resources for education, while the other wishes to invest in new defense infrastructure. 1. Assuming government will spend the entire surplus on either education or military, complete the table below showing the possible combinations towards which the US government can allocate its funds. Education: $0 $100 Military: $100 $0 2. Plot the US's production possibilities on a PPC diagram:
Transcribed Image Text:Scarcity, Opportunity Cost and PPC practice activity Introduction: Assume the US government has discovered it has a surplus in its budget of $100 billion. One party wishes to invest this surplus in new resources for education, while the other wishes to invest in new defense infrastructure. 1. Assuming government will spend the entire surplus on either education or military, complete the table below showing the possible combinations towards which the US government can allocate its funds. Education: $0 $100 Military: $100 $0 2. Plot the US's production possibilities on a PPC diagram:
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