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WAEC Economics 2020 Question 2

Question 2

Basic Concepts

When the production possibility curve shifts outwards, the economy experiences

  1. A.growth.
  2. B.over-production.
  3. C.inefficient use of resources.
  4. D.under-production.
Show the answer and explanation

Answer: A (growth.)

Explanation

An outward shift means the economy can now produce more of both goods: economic growth.