Which of the following is likely to affect the position and shape of society's production possibilities frontier?
A)Volume of physical resources
B)Level of labor skills
C)Level of technology
D)Amount of factories on hand
E)All of the responses are correct.

Question

Quizplus · Accepted Answer

All of the responses are correct. The volume of physical resources affects the availability of inputs for production, the level of labor skills affects the productivity of those resources, the level of technology affects the efficiency and innovativeness of the production processes, and the amount of factories on hand affects the capacity and organization of the production system. All of these factors can impact the position and shape of society's production possibilities frontier.

Which of the Following Is Likely to Affect the Position