Technological innovations will cause
a. production to increase but the production possibilities curve to remain unchanged
b. the production possibilities curve to shift to the left
c. the production possibilities curve to shift to the right
d. an economy to operate within its production possibilities curve
e. production at a point above or exterior to the production possibilities curve
C
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Which of the following causes a leftward shift in the short-run aggregate supply curve? a. An increase of goods prices while nominal incomes are unchanged
b. An increase in nominal incomes. c. An increase of full-employment real GDP. d. An increase of personal consumption expenditures while the price level is unchanged. e. An increase of personal consumption expenditures while full-employment real GDP is unchanged.
What is the difference between a change in resource demand and a change in the quantity of a resource demanded? What factors contribute to a change in resource demand or a change in the quantity of a resource demanded?
What will be an ideal response?