i. Economic growth takes place ii. The production technique for producing good Y remains the same iii. More of both goods can be produced O A. ii only OB. i and ii Good X O C. i only O D. i, ii and iii

i. Economic growth takes place ii. The production technique for producing good Y remains the same iii. More of both goods can be produced O A. ii only OB. i and ii Good X O C. i only O D. i, ii and iii

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section: Chapter Questions

Problem 1AA

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Concept explainers

Factors of Production

Factors of production – in simple words means the factors that are used for producing any product or service. This includes the resources which are necessary for the manufacturing of products. Factors of production are also known as the building blocks of the economy.

Question

OSA
Moving from point B to D
Good Y
A
O A. ii only
OB. i and ii
C
O C. i only
O D. i, ii and iii
B
D
i. Economic growth takes place
ii. The production technique for producing good Y remains the same
iii. More of both goods can be produced
Good X

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