WAEC Economics 2015 Objective — Question 3
Question 3 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.
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An outward shift of the production possibility curve shows that
- A. production is shifting to the right
- B. resources are underutilized
- C. economic growth has taken placeCorrect
- D. factors of production are moving outward
Explanation
An outward shift of the PPC means output can increase without incurring any opportunity cost, due to improvement in technology or discovery of new resources - this outward shift is called economic growth.
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