economics midterm

If the production of steel increases from point A to point B, what is the opportunity cost? 90-75

15 tons of wheat

What is the opportunity cost of increasing the number of televisions produced by 4, moving from point B to point C? 14 computers to 12 computers

2 computers

Why does producer surplus exist?

Some producers are willing to produce at a price that is below the equilibrium price.

Which of the following cannot be an example of a pair of substitute goods? Select the correct answer below: tea and coffee tablets and laptop computers computers and computer mouses coal and natural gas

computers and computer mouses

The production possibilities frontier has a __________ due to the law of diminishing returns. Select the correct answer below: constant slope allocative shape efficient line curved shape

curved shape

True or false? A price floor is the highest price that one can legally pay for some good or service.

false

True or false? Graphs are rarely used to express economic models.

false

True or false? For normal goods, there is a positive relationship between income and demand levels, while there is an inverse relationship for inferior goods.

true. This statement fits the definitions of normal and inferior goods. For normal goods, demand increases with income, while it decreases with income for inferior goods.

The Department of Agriculture estimated that the expenditures a middle-income, husband and wife family of three would incur to raise one additional child from birth in 2005 to age 17 would be $250,530. What type of analysis does this scenario involve? microeconomics macroeconomics none of the above not enough information

microeconomics

A price of $10 is above the equilibrium price in the graph, where quantity supplied equals quantity demanded. This results in a shortage or surplus, with eventual downward pressure on the price.

surplus

What is the best definition of producer surplus?

the difference in the amount the producer is paid and the cost of production

Where supply and demand intersect on a graph, quantity demanded equals quantity supplied. This quantity intersection is referred to as ________________. Select the correct answer below: the equilibrium quantity the equilibrium supply the equilibrium demand the perfect price

the equilibrium quantity

Bruce is allotted $22 per week to buy fishing equipment and ammunition. What is the opportunity cost if he spends all $22 on fishing equipment? Select the correct answer below: the amount used to purchase fishing equipment the amount of time Bruce must work to purchase fishing equipment the lost opportunity to buy ammunition the purchased fishing equipment

the lost opportunity to buy ammunition

Gasoline is one of the main costs for a local messenger company that delivers packages. If the price of gasoline falls, how is the company's delivery impacted?

A decrease in production costs, such as gasoline, results in an increase in supply, or a rightward shift in the supply curve for package deliveries. A rightward shift in supply means that at every given price, the quantity supplied is higher.

True or false? The law of diminishing returns states that as more variable inputs are added to production, the productivity of these inputs increases.

False The law of diminishing returns establishes a negative relationship between input resources and productivity. As more variable inputs are added to a fixed resource in production, the productivity of these variable inputs decreases

True or False If quantity supplied is 5 dozen apples and quantity demanded is 4 dozen apples, the market is in equilibrium.

False Market equilibrium occurs where quantity demanded equals quantity supplied.

Researchers have found that LED light bulbs use significantly less energy than incandescent light bulbs while producing the same amount of light. However, producing LED light bulbs is significantly more costly than producing incandescent light bulbs. In order to encourage light bulb manufacturers to produce more LED light bulbs, which of the following is most likely to happen? There are two correct answers. Select all that apply: The government will tax LED light bulbs. The government will impose a tax on incandescent light bulbs. The government will subsidize LED light bulbs. The government will subsidize the production of incandescent light bulbs.

The government will impose a tax on incandescent light bulbs. The government will subsidize LED light bulbs.

When considering factors that shift demand curves, which of the following will decrease the market demand for a product? Select the two correct answers below. Select all that apply: a drop in the price of substitutes a rise in the price of complements a rise in income (for a normal good) a rise in the price of substitutes

a drop in the price of substitutes a rise in the price of complements

Graphically positioned, where does producer surplus fall in relation to supply and demand?

above the supply curve but under the price

Graphically positioned, where does producer surplus fall in relation to supply and demand? Select the correct answer below: above the demand curve but under the price under the demand curve but above the price above the supply curve but under the price under the supply curve but above the price

above the supply curve but under the price

Comparative advantage is a measure of _____. Select the correct answer below: profitability advantage due to specialization opportunity cost maximization absolute efficiency in production

advantage due to specialization

What are some potential examples of demand "shift factors"? Select the correct answer below: income consumer tastes prices of related goods and services all of the above

all of the above

Which of the following factors would not result in a change in the supply of automobiles? Select the correct answer below: an increase in the price of air travel a decrease in the price of steel an increase in the price of glass all of these will result in changes in supply

an increase in the price of air travel

Severe hailstorms have caused significant damages in car windshields. How does this impact the demand for windshields?

demand increases

True or false? A price ceiling is the minimum amount that can legally be charged for a good or service.

false

True or false? A price floor is defined as the maximum amount that can legally be charged for a good or service.

false

True or false? In the circular flow, households are on the receiving end of payments for goods and services.

false

True or false? Price ceilings are typically enacted in an attempt to keep prices high for those who produce the product.

false

Price ceilings typically affect which of the following? Select the correct answer below: cars milk rent CEO salaries

rent

If a family spends its entire budget in a given time frame, the family can afford either 15 movie nights or 8 restaurant meals. Assuming the family spends its entire budget on just these two goods, what is the opportunity cost of one movie night? (Round your answer to two decimal places.)

.53

Suppose your marginal cost of making a peanut butter and jelly sandwich is constant at $10, but the marginal benefit of eating the sandwich decreases from $12 for one sandwich, to $10 for two sandwiches, to $8 for three sandwiches, to $6 for four sandwiches. How many sandwiches would you eat? Select the correct answer below: 1 sandwich 2 sandwiches 3 sandwiches 4 sandwiches

2 sandwiches

The price of each ride at the fair is $7. Your benefit associated with each ride decreases with each ride because you start to get dizzy. How many rides should you go on if your marginal benefit for each ride is as follows- first ride: $25, second ride: $18, third ride: $11, fourth ride: $4, fifth ride: $0? Select the correct answer below: 1 ride 2 rides 3 rides 4 rides 5 rides

3 rides

On a short road trip, if Mary spends her entire budget on gas and diner meals, Mary can afford either 35 gallons of gas or 7 diner meals. What is the opportunity cost of one diner meal?

5

Suppose that the price of coal falls in the market. According to the law of supply, what will happen? Select the correct answer below: Demand for coal will increase. Coal companies will increase efforts to obtain permits for mining on protected lands. A lower quantity of coal will be supplied in the market. A higher quantity of coal will be supplied in the market.

A lower quantity of coal will be supplied in the market.

Assume that the market equilibrium price is 50 cents for a pound of bananas, and the quantity sold is roughly 10 pounds. What kind of price control could generate an excess supply of bananas? Select the correct answer below: A price floor of 25 cents per pound A price floor of 50 cents per pound A price floor of 75 cents per pound None of the above

A price floor of 75 cents per pound A basic lesson of a price floor is that when it is set above the market equilibrium price, this will lead to excess supply. Setting a price for a pound of bananas at 75 cents will generate a surplus since the quantity demanded will be lower than the quantity supplied.

The economy is booming, and wages are at an all-time high. How is the demand for cars impacted? In the graph below, show how demand is impacted by this change by shifting the appropriate curve. (Assume that cars are a normal good.)

An increase in income will increase the demand for a normal good, which is demonstrated by a rightward shift in the demand curve. In this case, an increase in income will shift the demand for cars to the right. A rightward shift in demand means that at any price, the quantity demanded will be higher than it was before.

The opportunity cost of producing one bushel of wheat in Canada is equal to 1/2 TV set. The opportunity cost of producing one bushel of wheat in the US is 2 TV sets. If these two countries specialize according to comparative advantage and then trade with each other, _____________________. Select the correct answer below: Canada will export both televisions and wheat Canada will export wheat and import televisions the United States will export wheat and import televisions the United States will export both televisions and wheat

Canada will export wheat and import televisions

True or false? A surplus is the result of a price set above the equilibrium price. When producers face a surplus, they are willing to increase production even further. This combination of higher quantity and higher price increases industry profits, which are beneficial to producers.

False. By definition a surplus is an excess of supply--that is, quantity demanded cannot match quantity supplied. Firms cannot earn profits from unsold inventory, while production is costly. Since producers cannot find enough buyers at this price, producers in a competitive market will want to cut price and production levels.

Suppose that a car company starts to produce cars using an assembly line which increases productivity drastically. In the graph below, demonstrate the impact on the supply of cars by shifting the appropriate curve.

Improvements in technology make production more efficient and less costly. The introduction of the assembly line did both of these things for cars, causing an increase in supply, or a rightward shift. A rightward shift in supply means that at every given price, the quantity supplied is higher.

Which scenario is asking you to apply marginal analysis? Select the correct answer below: Smaller economies like Belgium, Korea, and Pakistan are better equipped to take full advantage of division of labor, specialization, and economies of scale within their own borders. Do you agree? It costs $3 to go down the water slide. The first time you go down the slide, you are really excited, but your interest decreases each time you go down. How many times should you go down the water slide? You have a budget of $5 and the price of bananas is 0.50 per pound. How many pounds of bananas can you afford? Willingness to pay for a good is downward-sloping. What is this curve called?

It costs $3 to go down the water slide. The first time you go down the slide, you are really excited, but your interest decreases each time you go down. How many times should you go down the water slide?

Which of the following best defines consumer surplus? Select the correct answer below: It is the fall in total surplus that occurs when the economy produces at an inefficient quantity. It is the minimum price one is able to charge for a good or service and remain open in the short-run. It is the gap between the price for which producers are willing to sell a product, based on their costs, and the market equilibrium. It is the gap between the price consumers are willing to pay, based on their preferences, and the market equilibrium price.

It is the gap between the price consumers are willing to pay, based on their preferences, and the market equilibrium price.

According to this production possibilities frontier, why does P demonstrate productive efficiency? It uses all of society's available resources. It is more desired by society than any other attainable point. It results in the fewest number of trees. It is one of the many points that it is possible for society to attain.

It uses all of society's available resources.

What term is best described as the branch of economics that focuses on broad issues such as growth, unemployment, inflation, and trade balance? microeconomics macroeconomics monetary policy fiscal policy

Macroeconomics

At one time, most of the cars produced in Mexico were sold in Mexico. Today, however, Mexico both exports and imports cars. Which of the following is a plausible explanation for this observation? How could comparative advantage explain this scenario? Select the correct answer below: There is no explanation: comparative advantage predicts that a country either exports a product or imports it, not both. The pattern is not due to comparative advantage but due to government restrictions on production. Mexico has a comparative disadvantage in automobiles. Mexico specializes in the production of high-end cars, which it exports, and imports low-end cars that can be produced at lower cost elsewhere.

Mexico specializes in the production of high-end cars, which it exports, and imports low-end cars that can be produced at lower cost elsewhere.

What is the reason the following statement is incorrect? The price of tuition at a specific university increased from what it was the previous year, but enrollment at the university still increased. This implies that the law of demand has been violated. Select the correct answer below: The university is probably advertising, so its enrollment rates are naturally manipulated and don't follow the law of demand. The tuition prices have not been adjusted for inflation. The law of demand only holds in perfectly competitive markets. The ceteris paribus condition has been violated.

The ceteris paribus condition has been violated.

What is the reason the following statement is incorrect? The price of tuition at a specific university increased from what it was the previous year, but enrollment at the university still increased. This implies that the law of demand has been violated. Select the correct answer below: The university is probably advertising, so its enrollment rates are naturally manipulated and don't follow the law of demand. The tuition prices have not been adjusted for inflation. The law of demand only holds in perfectly competitive markets. The ceteris paribus condition has been violated.

The ceteris paribus condition has been violated. The law of demand depends on ceteris paribus. Since other factors that might shift the demand curve for university education were not taken into account and were not held constant, we cannot say that the law of demand has been violated.

Suppose the price of adoption fees for shelter dogs decreases so that more dogs can be adopted. What would happen to the demand for dog food at the local pet store? Assume that the shelter does not buy its pet food from this pet store, rather it buys in bulk directly from a national supplier.

The demand for dog food will go up because the number of dogs being adopted has increased.

The boundaries for a school district are redrawn to include more students from low income neighborhoods. What is the impact on the demand for the free or reduced lunch program in the district? Select the correct answer below: There will be no impact on the demand. The free or reduced program is only for the original students. The demand will decrease. The demand will increase.

The demand will increase.

Which of the following is the strongest definition of the term division of labor? The average cost of producing each individual unit declines as total output increases. The production of a good or service is split up into separate tasks performed by different workers. Human wants for goods and services produced exceeds the available supply. Production decreases when labor specialization increases.

The production of a good or service is split up into separate tasks performed by different workers.

Workers at factories building machinery go on strike. Which of the following describes how the supply of machines will be affected? Select the correct answer below: The supply of machines will remain unchanged. The supply of machines will decrease. The supply of machines will increase. The effects are unknown.

The supply of machines will decrease

choose the best option below that illustrates an example of scarcity: 1. the reintroduction of wolves in Yellowstone was a success in that shortly after reintroduction the wolves were removed from the endangered species list 2. The value for ivory has increased leading to an increase in the poaching of African Elephants and a decrease in the African Elephant population. 3. Due to an increase in demand for craft beer in Portland, the number of microbreweries has increased. 4. The patent for a pharmaceutical drug expired and the drug is now being replicated by a number of other producers.

The value for ivory has increased leading to an increase in the poaching of African Elephants and a decrease in the African Elephant population.

Assuming a market is currently at the equilibrium price and quantity, what happens when a price ceiling is set above the equilibrium price? Select the correct answer below: There is nothing preventing the price from reaching its equilibrium level. The quantity demanded will rise and the quantity supplied will fall, causing a shortage. The quantity supplied will rise and the quantity demanded will fall, causing a surplus. The price will rise to the price ceiling level.

There is nothing preventing the price from reaching its equilibrium level. When a price ceiling is set above the equilibrium price, there is nothing preventing the price from reaching equilibrium and staying there. Since a price ceiling is a level above which price cannot rise and the equilibrium price is below that level, the price ceiling will not have any real effect on the market.

Assume equilibrium price for lemons is $1.50 for a dozen. If a government believes the price for lemons is too high, and sets a temporary price cap at $1.00 for a dozen, what will happen? Please select two correct answers below. Select all that apply: Too many lemons will be offered for sale. There will be a shortage of lemons. After the price cap is lifted, prices will remain the same. After the price cap is lifted, prices will return to the equilibrium price.

There will be a shortage of lemons. After the price cap is lifted, prices will return to the equilibrium price.

Assuming all other variables that affect supply are held constant, which of the following outcomes happen in the market for DVD players if the price of DVD players increases? Select the correct answer below: The supply curve for DVD players will shift to the left. The supply curve for DVD players will shift to the right There will be an increase in the quantity supplied of DVD players. The quantity supplied of DVD players will remain unchanged.

There will be an increase in the quantity supplied of DVD players.

Assuming all other variables that affect supply are held constant, which of the following outcomes happen in the market for DVD players if the price of DVD players increases? Select the correct answer below: The supply curve for DVD players will shift to the left. The supply curve for DVD players will shift to the right There will be an increase in the quantity supplied of DVD players. The quantity supplied of DVD players will remain unchanged.

There will be an increase in the quantity supplied of DVD players. When price increases, we see a movement along the supply curve, not a shift in the curve. According to the law of supply, a rise in price almost always leads to an increase in the quantity supplied of the good or service in question. Remember, quantity supplied is not the same as supply. Supply refers to the curve and quantity supplied refers to the (specific) point on the curve. Changes in price cause movement along the supply curve, but do not cause the curve to shift.

Which of the following characteristics is a fundamental similarity that nearly all demand curves share? Select the correct answer below: They are curved. They slope upward from left to right. They slope downward from left to right. They are straight lines.

They slope downward from left to right.

True or false? Some consumers are willing to pay more for a product than they actually pay. This difference between the amount they are willing to pay and what they actually pay is known as consumer surplus.

True Consumer surplus is defined as the gap between the price consumers are willing to pay, based on their preferences, and the market equilibrium price. Each consumer is willing to pay a different price for the product. Some consumers are willing to pay more than the market price, creating this surplus.

Which of the following conditions does not impact the supply of watermelon? Select the correct answer below: a drought in August, a month in which watermelon is grown a significant increase in the average temperature during the growing season for watermelon an infestation of squash bugs, which feed on watermelon a decrease in the amount of carrots grown in the same region

a decrease in the amount of carrots grown in the same region

Taking into account ceteris paribus, which of the following factors of production will not impact the supply of corn? Select the correct answer below: a lack of farmers to plant corn seeds a powerful fertilizer to boost the amount of corn grown a decrease in the supply of tractors available to farmers. a disease killing potato plants

a disease killing potato plants

Which of the following will decrease demand? Select the correct answer below: encouraged buying based on future expectations a drop in income (for a normal good) a rise in income (for a normal good) a strong sales pitch

a drop in income (for a normal good)

Choose the answer that best defines a substitute good. Select the correct answer below: a good or service that is used because another is no longer in production a good or service that a consumer sees as the same or similar and can be used in place of another good or service a good or service that is better in quality than another good or service a good that is very often used in conjunction with another good or service

a good or service that a consumer sees as the same or similar and can be used in place of another good or service

Which of the following would be consequences of more rental properties in the United States being subject to binding price ceilings? Select the two correct answers below. Select all that apply: a shortage of apartments a surplus of apartments the quantity supplied of apartments will exceed the quantity demanded the quantity demanded of apartments will exceed the quantity supplied

a shortage of apartments the quantity demanded of apartments will exceed the quantity supplied

Consumer surplus is the area found _____________ market price and _______________ the demand curve. Select the correct answer below: above; below below; above below, below above, above

above; below Consumer surplus is defined as the gap between the price consumers are willing to pay, based on their preferences, and the market equilibrium price, which is shown on a supply and demand graph by the area above equilibrium price and below the demand curve.

The difference between supply and quantity supplied is that "supply" refers to the _____________ and "quantity supplied" refers to the _____________. Select the correct answer below: curve; point on the curve point on the curve; curve supply schedule; curve curve; supply schedule

curve; point on the curve

The production possibilities frontier has a __________ due to the law of diminishing returns. Select the correct answer below: constant slope allocative shape efficient line curved shape

curved slope. The PPF has a curved shape because of the law of the diminishing returns, thus, the slope is different at various points on the PPF.

As an economic wizard, you know that a bad recession will strike next year. Which one of the following industries should you choose to invest in to weather out the recession? Select the correct answer below: luxury cars dollar stores amusement parks casinos

dollar stores

Identify the two groups that do not interact in a circular flow diagram for a two-sector economy. Households Businesses Exporters Importers

exporters and importers

True or false? The following is the supply schedule for shrimp. The increase in price from $3.80 to $4.00 results in the greatest increase in quantity supplied seen in this table. Price per Pound Qs $3.00 540 $3.20 600 $3.40 650 $3.60 700 $3.80 720 $4.00 730

false

True or false? You survive through grad school by eating a bland diet of rice and lentils, which you view to be inferior to more expensive meals. After graduating, you secure a high-paying job and can now afford much more than rice and lentils. As a result, your demand for rice and lentils is likely to increase.

false

True or false? Marginal analysis compares total benefits and total costs to determine the optimal outcome or choice rather than how costs and benefits change from one option to another.

false. Marginal analysis involves comparing marginal benefits and marginal costs to determine the optimal outcome.

When John first starts his job, he rides the bus wherever he goes. However, after one year, John receives a promotion and a pay raise, leading to an increase in his annual income. As a result of his pay raise, John decides to drive wherever he goes instead of riding the bus. This behavior would indicate that to John, a bus ride is a(n) _________ good. Select the correct answer below: normal inferior complementary ceteris paribus

inferior

A price floor will affect both the price charged for a good and the quantity supplied if ________________. Select the correct answer below: it is set below the equilibrium price it is set above the equilibrium price it is set at the equilibrium price it equals zero

it is set above the equilibrium price

As additional increments of marginal resources are added to either healthcare or education, the marginal benefit from those additional increments will decline. What do economists call this pattern?

law of diminishing returns

A nation's comparative advantage in the production of an item is determined by __________________. Select the correct answer below: which country has already specialized in the production of the item the total and marginal costs of producing the item the opportunity cost of producing the item relative to a trading partner's opportunity cost the wage rates and other input costs

the opportunity cost of producing the item relative to a trading partner's opportunity cost

Suppose that while in college, you saved money by eating generic fruits and vegetables from the grocery store. Now, suppose that after you graduated from college you got your first paying job and your income increased. As a result, you started buying higher priced organic fresh fruits and vegetables from specialty stores. This scenario would indicate that the organic fresh fruits and vegetables are a(n) _______ good for you. Select the correct answer below: normal inferior below average less desirable

normal. If an increase in income leads to an increase in demand, the good is a normal good. Thus, in this case, as your income increased, you purchased more fruits and vegetables. This makes fresh fruits and vegetables a normal good for you.

Jeremy is studying the effects of income on the demand for Greek ceramics. If "ceteris paribus" is used, which factors would be held constant when studying the effects of changes in income? Select the two correct answers below. Select all that apply: price of Italian ceramics demand for Greek sculptures income demand for Greek ceramics

price of Italian ceramics demand for Greek sculptures

What term is best described as the total number of units of a good or service producers are willing to sell at a given price? Select the correct answer below: supply schedule budget constraint quantity supplied equilibrium quantity

quantity supplied

The amount that a seller is paid for a good minus the _____________ is called producer surplus. Select the correct answer below: seller's actual cost consumer's actual cost seller's actual profit consumer surplus

seller's actual cost By definition, the amount that a seller is paid for a good minus the seller's actual cost is called producer surplus.

The amount that a seller is paid for a good minus the _____________ is called producer surplus. Select the correct answer below: seller's actual cost consumer's actual cost seller's actual profit consumer surplus

sellers actual cost

At a price of $120 a ___________ exists. There will be a(n) _____________ pressure on the price to reach equilibrium. Price Quantity Demanded Quantity Supplied $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70

shortage; upward When quantity demanded is greater than quantity supplied, a shortage exists. When there is a shortage, there is an upward pressure on the price until it reaches equilibrium.

The purpose of a theory, in general, is to ________________________________. Select the correct answer below: determine the level of economic activity in a society take a complex, real-world issue and simplify it down to its essentials implement a method to view the world through the same lens as other disciplines, such as anthropology and biology determine which goods and services consumers are most likely to select

take a complex, real-world issue and simplify it down to its essentials

A price ceiling is _______________. Select the correct answer below: the total number of units of a good or service producers are willing to sell at a given price the total number of units of a good or service consumers are willing to purchase at a given price the quantity at which quantity demanded and quantity supplied are equal for a certain price level the maximum amount that can legally be charged for a good or service

the maximum amount that can legally be charged for a good or service

Opportunity cost is defined as ___________________________. Select the correct answer below: money that is already spent and should not be included in decision making all possible purchasing decisions within a given budget all possible supply and demand curves the measure of cost by what is given up in exchange for what is obtained

the measure of cost by what is given up in exchange for what is obtained

When plotting a demand curve for crushed tomatoes, what is assumed to be constant according to ceteris paribus? Select the two correct answers below. Select all that apply: the price of a can of crushed tomatoes the number of cans of crushed tomatoes demanded the price of a can of tomato sauce income

the price of a can of tomato sauce income

If we use "ceteris paribus" when plotting a demand curve for sneakers, what is assumed to be constant? (Select all that apply.) Select all that apply: the price of sneakers the price of shoelaces the number of sneakers consumers income

the price of shoelaces consumers income

If we use "ceteris paribus" when plotting a demand curve for sneakers, what is assumed to be constant? (Select all that apply.) Select all that apply: the price of sneakers the price of shoelaces the number of sneakers consumers income

the price of shoelaces consumers income "Ceteris paribus" is a Latin phrase meaning "everything else being equal." When plotting price and quantity of sneakers on a demand curve, the factors being held constant include consumer income and other sneaker accessories (like socks and shoelaces). We can vary both price and quantity of sneakers as these are the variables whose relationship we are plotting with the demand curve.

Quantity supplied is a term that refers to _______. the total number of units of a good or service producers are willing to sell at a given price the total number of combinations of goods that someone can afford when all income is spent the total number of units of a good or service consumers are willing to purchase at a given price the relationship between a range of prices and the number of products offered at these prices

the total number of units of a good or service producers are willing to sell at a given price

Economists call a simplified description of how two or more variables interact with each other a _______. formula table graph theory

theory

True or False The slope value is always the same at every point on a budget line but can be different at various points on a production possibilities frontier.

true

True or false? A demand curve shows the relationship between price and quantity demanded on a graph, with quantity on the horizontal axis and the price on the vertical axis.

true

True or false? The following scenario is an example of scarcity. Each lake has a limited number of fish living in it. As the number of fishermen who fish at the lake increases beyond a certain point, we see the fish population start to decline.

true

economies of scale occur when the production of goods increases and the average cost of production decreases. true or false

true

Which of the following cannot be determined by using a production possibilities curve? Select the correct answer below: what combination of outputs maximizes benefits for society how much less of one output must be produced if more of another output is produced whether a combination of outputs can be produced how much output can be produced from a given level of inputs

what combination of outputs maximizes benefits for society