A bowed production possibilities curve is consistent with
A. highly specialized resources.
B. a decreasing opportunity cost.
C. the overutilization of productive resources.
D. a technologically inefficient society.
Answer: A
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Diminishing marginal returns occur when
A) the average product of the variable input eventually diminishes. B) the marginal product of an additional worker is less than the marginal product of the previous worker hired. C) the firm hires cheap, less-skilled workers in place of expensive, high-skilled workers. D) total product diminishes.
Subprime borrowers ________
A) are those individuals who owe more on their mortgage than the value of their home B) possess a relatively low FICO score C) rely on mortgage-backed securities to support their mortgage applications D) are those with an income level below the value of their mortgage