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…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter1: The Economic Approach

Section: Chapter Questions

Problem 11CQ

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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.

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