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What happens when the production possibilities frontier (PPF) shifts inward? Give a real-world example.
Basketball
A team sport in which two teams, typically of five players each, opposing one another on a rectangular court, compete with the primary objective of shooting a basketball through the defender's hoop.
U.S. Tariff
A tax imposed by the United States government on imports or exports of goods.
Oil
A fossil fuel that is used primarily for energy production and as a raw material in the manufacturing of plastics and other chemicals.
Domestic Quantity
The total amount of a good or service produced within a country's borders and available for consumption or sale in the domestic market.
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