True or False:
1. Underutilized resources or those not being put to their best uses are illustrated by output combinations along the production possibilities curve.
2. We all have an interest in the efficient use of all of society's resources because more of everything we care about can be available for our use as a result.
3. If resources are being used efficiently, at a point along a production possibilities curve, more of one good or service requires the sacrifice of another good or service as a cost.
4. The basic reason for increasing opportunity cost is that some resources and skills cannot be easily adapted from their current uses to alternative uses.
5. Investing in capital goods will increase the future production capacity of an economy, so an economy that invests more now (consumes less now) will be able to produce, and therefore consume, more in the future.
6. An economy can grow despite a lack of qualitative and quantitative improvements in the factors of production.
7. Economic growth means a movement along an economy's production possibilities curve in the direction of producing more consumer goods.
8. From a point inside the production possibilities curve, in order to get more of one thing, an economy must give up something else.