Increases in Resources or Improvements in Technology Will Tend to Cause

question 88

Multiple Choice

Increases in resources or improvements in technology will tend to cause a society's production possibility frontier to:

• A)shift inward.
• B)shift outward.
• C)remain unchanged.
• D)become vertical.

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Definitions:

Diminishing

A principle often seen where there is a decrease in the marginal (incremental) output of a production process as the amount of a single factor of production increases while others remain constant.

Donut

A fried dough confectionery or dessert food, usually sweet, and often served with a variety of toppings or fillings.

Total Utility

The total satisfaction received from consuming a particular quantity of a good or service.

Day

A unit of time equal to 24 hours, representing one complete rotation of the Earth on its axis.