The Production Possibilities Curve Shifts Outward When

question 83

Multiple Choice

The production possibilities curve shifts outward when

• A) the law of increasing additional cost takes hold.
• B) the economy is producing efficiently.
• C) we produce more consumption goods over productive investment in equipment.
• D) there is an increase in resources or technology.

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Definitions:

Error of Estimation

The difference between a population parameter and its estimate derived from a sample.

Standard Deviation

A statistical measure that quantifies the amount of variation or dispersion of a set of values.

Confidence Level

The probability or likelihood, expressed as a percentage, that a confidence interval actually includes the true parameter value.

Confidence Level

Expressed in percentage terms, this statistical measure tells us how confident we can be about the range within which the true parameter of a population lies, based on sample data.