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Refer to figure 1.6, Present Choices and Future Locations of Production Possibilities

Question

1. Refer to figure 1.6, Present Choices and Future Locations of Production Possibilities

Curves:

· Which economy, Presentville or Futureville, will experience greater growth?

· Why?

· How does a societies’ choice between consumer goods and capital goods affects its potential for economic growth?

Goods for the future
Future
curve
Current
curve
O
Goods for the present
(a)
Presentville
Microeconomics