All of the Following Would Affect the Position and Shape

question 390

Multiple Choice

All of the following would affect the position and shape of a nation's production possibilities curve, except

• A) the amount of labor available.
• B) the level of unemployment.
• C) the amount of the capital resources.
• D) the rate of technological progress.

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Definitions:

Scarce Resources

Limited natural resources that are not abundant enough to satisfy all the wants and needs of a population.

Human Choice

The decision-making process by individuals based on preferences, resources, and information available, emphasizing the role of decision in economic behavior.

Economic Policy

Strategies and actions taken by the government to manage its economic affairs, aiming at objectives like sustainable growth, high employment, and stable prices.

Utility

A measure of the satisfaction, usefulness, or value that a consumer receives from consuming a product or service.