Which of the following could cause the production possibilities frontier to shift to the right?
a. More government regulation that stunts economic growth
b. Changes in the rules of the game that stunt economic growth
c. Lower quality resources
d. Fewer productive resources
e. Production of more capital goods and fewer consumer goods
e
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How is a monopolistically competitive firm similar to a perfectly competitive firm?
A) Both will observe entry into the industry if economic profit is positive. B) Both produce where average total cost equals marginal cost. C) Both make a positive economic profit in the long run. D) Both produce a homogeneous good.
Among the people who are characterized below, who has the highest opportunity cost of leisure?
a. an attorney who earns $200 per hour and who plays golf during her leisure time b. a medical doctor who earns $210 per hour and who sleeps during his leisure time c. a retail clerk who earns $15 per hour and who watches TV during her leisure time d. a waiter who earns $12 per hour and who reads poetry during his leisure time