(Table: Production Possibilities Schedule II) Look at the Figure Production

question 123

Essay

(Table: Production Possibilities Schedule II) Look at the figure Production Possibilities Schedule II.The production of 14 units of consumer goods and 1 unit of capital goods per period would:
A.result in full employment.result in no unused resources.
B.result in some unused or inefficiently used resources.
C.increase economic growth.

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Definitions:

Invention

The creation of a product or introduction of a process for the first time.

Diffusion

The process by which an innovation or idea spreads within a society or from one society to another over time.

Technological Advance

The process of developing new and better ways of doing things, particularly in areas like science, engineering, and manufacturing.

Invention

An invention is a unique or novel device, method, composition, or process that extends the boundaries of human knowledge or capability.