Question

7 multiple choice 1 point a production possibilities curve indicates the maximum combinations of goods and services an economy can produce given unlimited resources. maximum combinations of goods and services an economy can produce given its available resources and technology. average combinations of goods and services an economy can produce given its available resources and technology. combinations of goods and services an economy is producing. 8 multiple choice 1 point the production possibilities curve illustrates that there is no limit to what an economy can produce. that there is no limit to the level of output. the existence of unlimited wants and resources. the limitations that exist because of scarce resources. 9 multiple choice 1 point according to the law of increasing opportunity costs, greater production leads to greater inefficiency. greater production means factor prices rise. greater production of one good requires increasingly larger sacrifices of other goods. higher opportunity costs induce higher output per unit of input.

Explanation:

• For question 7: A production - possibilities curve shows the maximum combinations of goods and services an economy can produce given its available resources and technology. Resources are limited in an economy.
• For question 8: The production - possibilities curve illustrates the limitations that exist because of scarce resources. It shows the trade - offs due to limited resources.
• For question 9: The law of increasing opportunity costs states that greater production of one good requires increasingly larger sacrifices of other goods as resources are not equally suited to all types of production.

Answer:

1. B. maximum combinations of goods and services an economy can produce given its available resources and technology.
2. D. the limitations that exist because of scarce resources.
3. C. greater production of one good requires increasingly larger sacrifices of other goods.