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Marah Foster
on Nov 11, 2024

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An improvement in technology used to produce goods would:

A) enable an economy to produce outside its original production possibilities frontier.
B) enable an economy to move along its original production possibilities frontier.
C) eliminate scarcity and the production possibilities frontier would no longer exist.
D) have no effect on the production possibilities frontier.
E) change the production possibilities frontier to a line with a positive slope.

Technology

The application of scientific knowledge for practical purposes, especially in industry and the development of new products or processes.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs.

  • Acquire knowledge on how variations in resources, technological progress, and policy shifts can affect the location of the Production Possibilities Frontier, indicating an increase or decrease in economic activity.
  • Acquire knowledge about the influence of technological advancements on the efficiency of production and the economy's possible output.
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Jasrah ParkerNov 12, 2024
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