An outward shift of an economy's production possibilities curve is caused by which of the following?
b. an increase in labor
c. an advance in technology
d. all of the above
Production Possibility Curve:
The term Production Possibility Curve or PPC depicts the different combination of two services/products that a country can produce by optimally utilizing its scarce resources and technology level.
Answer and Explanation: 1
- The correct option is d. All of the above.
A rightward or outward shift in the PPC of any nation depicts a rise in the production of both the products...
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fromChapter 1 / Lesson 5
Learn about the production possibilities frontier (PPF). See what the PPF graph represents and what causes the ppc curve to shift outward.