-Which One of the Following Would Shift the Production Possibilities

question 17

Multiple Choice

-Which one of the following would shift the production possibilities curve from PP₁ to PP₂?

• A)the immigration of skilled workers into the economy
• B)a worsening of diseases such as AIDS
• C)an increase in consumer prices
• D)a reduction in hourly wages
• E)a change in consumer preferences

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Definitions:

Cash Account

An account that reflects the amount of cash a company has on hand, which includes currencies, checks, and balances in bank accounts.

Raw Material

Basic substances in their natural, modified, or semi-processed state used to produce goods and services.

Standard Costs

Predetermined costs for materials, labor, and overhead used as a benchmark for measuring performance.

Pounds

A unit of weight commonly used in the British imperial and United States customary systems, equivalent to 0.453592 kilograms.