Using a production possibilities curve, a technological advance that increases the amount of output for the same amount of inputs would be illustrated as a(n):
a. flattening of the curve.
b. movement from one point to another point along the curve.
c. outward shift of the curve.
d. movement from a point on the curve to a point inside the curve.
Question 2
Which of the following would be least likely to cause the production possibilities curve to shift outward?
a. a decreased desire for leisure by workers in the economy.
b. an invention that requires fewer resources to produce a good.
c. a shift in consumer preferences that causes expansion in the output of one product and a decline in output of other products.
d. an expansion in the man-made productive resources available to the economy as the result of a high rate of investment.
Production efficiency.
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