Economic growth can be modeled as
I.an outward shift of the economy's production possibilities curve.
II.a rightward shift of the economy's long-run aggregate supply curve.
III.a rightward shift of the labor demand and the labor supply curves.
IV.an upward shift of the economy's aggregate production function.

Question

Quizplus · Accepted Answer

Economic growth is typically represented by an outward shift of the production possibilities curve and a rightward shift of the long-run aggregate supply curve, indicating an increase in the economy's capacity to produce goods and services.

Economic Growth Can Be Modeled as