Asked by
Dhruv Tripathi
on Oct 26, 2024
Verified
Suppose Indiana produces only steel and corn,with fixed amounts of land,labor,and capital resources.Which scenario BEST sets the stage for economic growth?
A) The unemployment rate in Indiana rises from 5% to 6%.
B) The Midwest has a devastating drought.
C) The percentage of Indiana residents with a college degree rises from 25% to 30%.
D) The United States imports more and more low-cost steel from Asian countries.
Economic Growth
An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.
College Degree
A formal recognition of the completion of a specific program of studies at a college or university.
Unemployment Rate
The proportion of the workforce that is unemployed and actively seeking work.
- Recognize the significance of economic growth and factors that contribute to shifting the PPF outward.
Verified Answer
TM
Learning Objectives
- Recognize the significance of economic growth and factors that contribute to shifting the PPF outward.