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:

User Cost

User cost comprises the costs associated with the use of a product or service, including wear and tear, maintenance, and the opportunity cost of forgone alternatives.

Extract

To remove or obtain a substance from a source through a process.

Resource

An asset or input used to produce goods and services, such as labor, capital, land, and knowledge.

Nonrenewable Resource

A natural resource that cannot be readily replaced by natural means at a quick enough pace to keep up with consumption.