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Figure 2-12
-Refer to Figure 2-12.Which of the following would most likely have caused the production possibilities frontier to shift outward from A to B?
Unemployment Rate
The proportion of the working sector that lacks employment but is in the hunt for jobs.
Technology
The application of scientific knowledge for practical purposes, especially in industry and the development of innovations.
Production Possibility Frontier
A curve demonstrating the maximum potential output levels of two goods or services an economy can achieve when all resources are efficiently utilized.
Economic
Relating to the principles and practices of economics or the economy; the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.
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