A Movement Along the Production Possibilities Curve Would Imply That

question 75

Multiple Choice

A movement along the production possibilities curve would imply that:

• A) the labor force has grown.
• B) productivity has increased.
• C) productivity has declined.
• D) society has chosen a different set of outputs.

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Definitions:

Adjusting

The process of making entries to correct accounts or to account for accruals and deferrals in the accounting cycle.

FOB Destination

A shipping term where the seller is responsible for the freight and other transportation costs until the goods reach the buyer’s specified location.

Ownership

The state or fact of exclusive rights and control over property, which can be an object, land/real estate, intellectual property, or some other kind of property.

Debit Balance

An accounting balance where the sum of debits exceeds the sum of credits, typical for assets and expenses.