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1.1 Economic methodology and the economic problem

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Question 9

The diagram below shows two production possibility frontiers (PPF1 PPF_1\,PPF1​ and PPF2PPF_2PPF2​) for an economy.

Production Possibility Frontiers

If the economy moves from point M M\,M to point KKK, this is most likely to represent:

an increase in the economy's productive potential.

a reduction in the level of unemployment and idle resources.

a more equitable distribution of resources.

an outward shift in the long-run aggregate supply (LRAS) curve.

1.1 Economic methodology and the economic problem Questions

  1. A Level
  2. /Economics
  3. /1.1 Economic methodology and the economic problem