When a nation's economy grows: its efficient level of production is on a production possibility frontier that is further outward than the original. its production possibility frontier has necessarily shifted inward. it has moved to a position at the interior of the production possibility frontier. it has moved to a more consumer-oriented position on its production possibility frontier. Question 33 All points inside the production possibility frontier represent: efficient production points that economies strive to reach. inefficient production points that are attainable without added opportunity costs. infeasible production points that can, however, be attained through economic growth. production points that the economy will eventually reach through economic growth.

When a nation's economy grows: its efficient level of production is on a production possibility frontier that is further outward than the original. its production possibility frontier has necessarily shifted inward. it has moved to a position at the interior of the production possibility frontier. it has moved to a more consumer-oriented position on its production possibility frontier. Question 33 All points inside the production possibility frontier represent: efficient production points that economies strive to reach. inefficient production points that are attainable without added opportunity costs. infeasible production points that can, however, be attained through economic growth. production points that the economy will eventually reach through economic growth.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Any point on a country's production possibilities curve represents a combination of two goods that an economy will never be able to produce. can produce using all available resources and technology. can produce using some portion, but not all, of its resources and technology. may be able to produce in the future with more resources and/or technology.
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When economic growth occurs, the production possibilities frontier shifts outward but no longer limits the amount that can be produced. economy moves along its production possibilities frontier. production possibilities frontier shifts outward. production possibilities frontier becomes steeper.
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