indifference curve graph question
Use indifference curves and budget constraints to discuss the following: guns vs. butter. ; In the Cold War, the US and the Soviet Union had the choice of making consumer goods or military goods. ; The US had a huge GDP and large budget, allowing it to spend on both types of goods. ; The USSR was not as rich (smaller budget), and preferred more military goods. ; How would these differences be shown in indifference curves and budget lines. ; Draw and discuss.
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