If Society Were to Experience an Increase in Its Available

question 75

Multiple Choice

If society were to experience an increase in its available resources its production possibilities frontier would:

• A) shift out.
• B) shift in.
• C) not move.
• D) become convex.

---

Definitions:

Moral Hazard

Moral hazard refers to a situation where one party is more likely to take risks because they do not have to bear the full consequences of their actions.

March Madness

An annual college basketball tournament held in the United States, featuring 68 teams competing in a single-elimination format.

Ultimatum Game

A game in experimental economics where two players interact to decide how to divide a sum of money; one player proposes a division and the other can accept or reject it.

Economic Theory

A set of principles and models that attempts to explain the relationships between various economic variables and the outcomes of economic decisions.