7. Which of the above figures represents economic growth caused by an improvement in the technology of producing product of both X and Y? a) FIG A b) FIG B c) FIG C d) FIG D Fig. AFig. BProduction Possibilities FrontierProduction Possibilities Frontier2828PPFn24PPFNPoint EPoint E2020PPF.PPFO1616121284412162024812162024product Xproduct XFig. CFig. DProduction Possibilities FrontierProduction Possibilities Frontier2828PPFN2424PPFnPoint E20Point E20PPFOPPFO161612128844812 162024812162024product Xproduct Xproduct Yproduct Yproduct Yproduct Y

In fig c,both product x and y have increased,causing economic growth due to improvement in…

Answered: Possibilities ontier iction…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7. Which of the above figures represents economic growth caused by an improvement in the technology of producing product of both X and Y?

		a) FIG A
		b) FIG B
		c) FIG C
		d) FIG D

Fig. A
Fig. B
Production Possibilities Frontier
Production Possibilities Frontier
28
28
PPFn
24
PPFN
Point E
Point E
20
20
PPF.
PPFO
16
16
12
12
8
4
4
12
16
20
24
8
12
16
20
24
product X
product X
Fig. C
Fig. D
Production Possibilities Frontier
Production Possibilities Frontier
28
28
PPFN
24
24
PPFn
Point E
20
Point E
20
PPFO
PPFO
16
16
12
12
8
8
4
4
8
12 16
20
24
8
12
16
20
24
product X
product X
product Y
product Y
product Y
product Y

Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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