In drawing the production possibilities curve we assume that:Multiple Choiceunemployment exists.economic resources are unlimited.technology is fixed.wants are limited.

A nation's production possibilities curve is "bowed out" from the origin because:Multiple Choiceresources are scarce.resources are not equally efficient in producing every good.the originator of the idea drew it this way and modern economists follow this convention.wants are virtually unlimited.

A typical concave production possibilities curve implies:Multiple Choicethat economic resources are scarce.that society must choose among various attainable combinations of goods.all of these are correct.increasing opportunity costs.

Choice is necessitated by _____.*1 pointA. demand and supplyB. cost of productionC. production possibility curveD. scarcity of resources

The production possibilities frontier, or curve, is a graphical representation of theMultiple choice question.production possibilities theory.production possibilities schedule.production possibilities ladder.consumer possibilities schedule.

Combinations outside of the production possibilities frontier are:Multiple choice question.possible to produce and efficient.only possible with a reduction in labor.not currently possible to produce.possible to produce but inefficient.