Asked by
Celanne Baydoun
on Oct 13, 2024Verified
Assuming that a society always operates on its production possibilities curve,an outward shift of the curve implies
A) economic growth has occurred.
B) the society is making more efficient use of its available resources.
C) consumer demand has increased.
D) the present value of capital resources has increaseD.
Production Possibilities Curve
The Production Possibilities Curve is a graph that shows the maximum possible output combinations of two goods or services an economy can achieve when all resources are fully and efficiently employed.
Economic Growth
The escalation in the real value of products and services an economy produces, adjusted for inflation, over time.
Outward Shift
Refers to an expansion in an economy's production possibility frontier, indicating an increase in the ability to produce goods and services.
- Understand the concept and implications of economic growth.
Verified Answer
MH
Learning Objectives
- Understand the concept and implications of economic growth.