Asked by Natalia Montenegro on Apr 27, 2024
Verified
The process observed when an economy's production possibility frontier shifts outward is:
A) comparative advantage.
B) economic growth.
C) full employment.
D) specialization.
Production Possibility Frontier
A curve depicting the maximum feasible amounts of two goods that can be produced with available resources and technology.
Economic Growth
A growth in an economy's ability to produce goods and services when comparing one time period to another.
Outward Shift
A movement of a curve away from the origin on a graph, typically indicating an increase in supply or demand.
- Understand the relationship between economic growth and outward shifts in the production possibility frontier.
Verified Answer
Learning Objectives
- Understand the relationship between economic growth and outward shifts in the production possibility frontier.
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