When economic growth occurs it will:
A)eventually eliminate scarcity.
B)shift the production possibilities curve to the left.
C)be a product of luck.
D)often result from improved technology.

Question

When economic growth occurs it will:
A)​eventually eliminate scarcity.
B)​shift the production possibilities curve to the left.
C)​be a product of luck.
D)​often result from improved technology.

Quizplus · Accepted Answer

Economic growth often results from improved technology, which leads to increased productivity and efficiency in the production of goods and services. However, economic growth does not eliminate scarcity, as there will always be limited resources to satisfy unlimited wants and needs. Moreover, economic growth is not solely a product of luck, but rather the result of policies, institutions, and investments that promote innovation, entrepreneurship, and human capital development. Finally, economic growth does not shift the production possibilities curve to the left, but rather shifts it outward, as the economy can produce more goods and services with the same resources.

When Economic Growth Occurs It Will