Economic Growth May Be Represented by A/an

question 102

Multiple Choice

Economic growth may be represented by a/an:

• A) leftward shift of a production possibilities curve.
• B) outward shift of a production possibilities curve.
• C) movement along a production possibilities curve.
• D) production possibilities curve that remains fixed.

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Definitions:

Probability

A quantification of the chance that a specific event happens, represented as a number ranging from 0 to 1.

Poisson Approximation

A methodology in statistics used to approximate the probability of a given number of events happening in a fixed interval of time or space.

Probability

The measure of likelihood that an event will occur, expressed as a number between 0 and 1.

Random Variable

A variable whose values depend on outcomes of a random phenomenon. It can be discrete or continuous.