Increases in Resources or Improvements in Technology Will Tend to Cause

question 88

Multiple Choice

Increases in resources or improvements in technology will tend to cause a society's production possibility frontier to:

• A)shift inward.
• B)shift outward.
• C)remain unchanged.
• D)become vertical.

---

Definitions:

Cost of Goods Sold

Cost of goods sold (COGS) is the direct costs attributed to the production of the goods sold by a company, including material and labor costs.

Benefits of Budgeting

The advantages of planning and controlling an organization's or individual's finances, such as better decision-making and financial stability.

Budgeting Process

The procedure by which an organization estimates its future income and expenditures.

Safety Stock

An additional quantity of an item held in inventory to reduce the risk of stockouts due to uncertainties in demand or supply.