If a Country's Production Possibilities Curve Gets More Bowed Out

question 48

Multiple Choice

If a country's production possibilities curve gets more bowed out over time,we know that

• A)resources have become more highly specialized.
• B)society is learning to use its resources more efficiently.
• C)the quantity of labour and capital have increased.
• D)technological change has taken place.

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Definitions:

Simple Interest Rate

Interest calculated only on the principal amount, not on the interest earned in previous periods.

Term Of Loan

The duration scheduled for the repayment of the loan.

Simple Interest

A method of calculating the interest charge on a loan based on the original principal amount and the rate of interest per period.

Annum

A Latin term for year, often used in financial contexts to denote per year.