Which of the following statements is not correct? Multiple Choice An increase in a nation's labor supply will cause its potential output to increase. Economic growth can be illustrated by an expansion of a nation's production possibilities curve. An increase in the quantity of a nation's resources will cause economic growth, but an increase in the quality of resources will not. New technologies or new ways of producing output can cause a nation's production possibilities curve to shift outward.

The Production Possibility Curve (PPC), also known as the Production Possibility Frontier (PPF), is…

Answered: Which of the following statements is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following statements is not correct?

Multiple Choice

An increase in a nation's labor supply will cause its potential output to increase.
Economic growth can be illustrated by an expansion of a nation's production possibilities curve.
An increase in the quantity of a nation's resources will cause economic growth, but an increase in the quality of resources will not.
New technologies or new ways of producing output can cause a nation's production possibilities curve to shift outward.

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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