Macroeconomics: Principles, Problems, & Policies 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0-07766-077-3
ISBN 13: 978-0-07766-077-2

Chapter 1 - Limits, Alternatives and Choices - Review Questions: 7


c): Increases in resource supplies and advances in technology.

Work Step by Step

Increases in resource supplies means that more can be produced, due to the greater quantity of inputs or factors of production. Advances in technology enable firms to use existing resources more effectively and productively, so that a greater quantity of goods and services can be produced.
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