Author Question: An increase in growth rates will cause: a. an inward shift of an economy's production possibilities ... (Read 12 times)

ap345 · **on:** Jun 30, 2018

An increase in growth rates will cause:
a. an inward shift of an economy's production possibilities curve.
b. an outward shift of an economy's production possibilities curve.
c. a movement from a point on an economy's production possibilities curve to a point inside the curve.
d. an economy's production possibilities curve to slope upward.

Question 2

Economists refer to the ability of one person or nation to do something with a lower opportunity cost than another as _____.
a. voluntary trade
b. specialization
c. gains from trade
d. absolute advantage
e. comparative advantage