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Author Question: Explain what will happen to the production possibilities curve over time if society gives up some ... (Read 205 times)

mrsjacobs44

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on: Jun 29, 2018
Explain what will happen to the production possibilities curve over time if society gives up some consumption goods in favor of more capital goods.
 
  What will be an ideal response?

Question 2

A medium of exchange is
 
  A) any asset that sellers will accept as payment.
  B) a measure by which prices are expressed.
  C) an asset that is used to settle future debts.
  D) the thing traded when barter takes place.


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peilian

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Reply #1 on: Jun 29, 2018
Answer to Question 1

If society chooses to give up some consumption goods in favor of more capital goods, then the production possibilities curve will shift outward over time. This happens when the capital goods can be used to produce more goods in the future.

Answer to Question 2

A


mrsjacobs44

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

lindahyatt42

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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