An Increase in an Economy's Productive Resources Will Lead the Production

question 146

Multiple Choice

An increase in an economy's productive resources will lead the production possibilities curve to:

• A)shift inward.
• B)shift outward.
• C)become flatter.
• D)stay the same.

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Definitions:

Withholding Allowance

A reduction in the amount of income tax withheld from an individual's paycheck, determined by the number of allowances claimed on tax forms.

Gross Earnings

The total income earned by an individual or a business before any deductions or taxes are subtracted.

Old Age Survivors and Disability Insurance (OASDI)

A federal program in the United States that provides retirement, disability, and survivor benefits, commonly known as Social Security.

Hospital Insurance (HI)

A form of healthcare insurance that covers medical and surgical expenses incurred in a hospital, often part of broader national or private health insurance plans.