An Improvement in Technology

question 191

Multiple Choice

An improvement in technology

• A)will always result in a parallel shift of the production possibilities frontier
• B)will never result in a parallel shift of the production possibilities frontier
• C)will be indicated as a movement along the production possibilities frontier
• D)will shift the production possibilities frontier outward but not necessarily to a parallel position
• E)may not shift the production possibilities frontier

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Definitions:

All-Season Passes

Tickets or passes that grant holders access to a facility, service, or event across all seasons of a year, often seen in theme parks or ski resorts.

Unconscionable

Refers to something not right or fair, often in a legal context to describe terms that are excessively unfair to one party.

Benefits

Various forms of value, such as medical insurance, retirement plans, or paid leave, provided to employees in addition to wages or salaries.

Agreement

A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events—an offer by one party to form a contract, and an acceptance of the offer by the person to whom the offer is made.