Economic growth is shown on the production possibilities frontier as
A) a movement from one point on the PPF to another.
B) an outward shift in the PPF.
C) an inward shift in the PPF.
D) the curvature of the PPF.
Question 2
The initial supply and demand curves for a good are illustrated in the above figure. If there is a rise in the price of a factor of production used to produce the good, then the new equilibrium price
A) is less than 6.
B) is 6.
C) is more than 6.
D) could be less than, equal to, or more than 6.
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