For each of the following situations, show how you would represent the production or production possibilities...

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For each of the following situations, show how you would represent the production or production possibilities change experienced by the country. Start out by drawing a PPF for the country with agricultural goods in the horizontal axis and manufactured goods on the vertical axis and with the assumption that resources are not identical in production. a. In 1960 only 37% of women in the U.S. worked in the paid labor force. By 2020, 67% of women in the U.S. worked for pay (U.S. Department of Labor). b. The ongoing COVID-19 crisis caused consumer confidence to drop, consumers to reduce their spending, banks to reduce their lending to businesses and businesses to lay off workers because of the reduction in consumer demand. For each of the following situations, show how you would represent the production or production possibilities change experienced by the country. Start out by drawing a PPF for the country with agricultural goods in the horizontal axis and manufactured goods on the vertical axis and with the assumption that resources are not identical in production. a. In 1960 only 37% of women in the U.S. worked in the paid labor force. By 2020, 67% of women in the U.S. worked for pay (U.S. Department of Labor). b. The ongoing COVID-19 crisis caused consumer confidence to drop, consumers to reduce their spending, banks to reduce their lending to businesses and businesses to lay off workers because of the reduction in consumer demand.

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Solution Heres how you would represent the production changes on a Production Possibilities Frontier PPF graph for each situation along with explanati... View the full answer