Which of the Following Would Shift the Production Possibilities Frontier

question 209

Multiple Choice

Which of the following would shift the production possibilities frontier outward?

• A)a reduction in inefficiency
• B)a reduction in the size of the labor force
• C)an improvement in technology
• D)a change in the combination of goods produced
• E)increasing opportunity costs

Recognize the difference between normal goods, inferior goods, substitutes, and complements.

Analyze the impact of external factors on the demand and supply of goods.

Understand the concept of equilibrium and how it is affected by changes in demand and supply.

Interpret supply and demand graphs and their shifts in various market scenarios.

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Definitions:

Philip Tetlock

A political scientist known for his work on the accuracy of political forecasts and the psychology of judgment.

Overconfidence

Refers to the cognitive bias where an individual's subjective confidence in their judgments is reliably greater than their objective accuracy.

Economic and Military Predictions

The process of forecasting future economic trends and military capabilities or situations based on current data and trends.

Correlational Design

A type of research methodology that examines the relationship between two or more variables without manipulating them.