What was a major characteristic of the subprime loans that were taken out in the early 2000s?
a. They were hard to obtain.
b. They required a large down payment.
c. They were given to risky borrowers.
d. They were based on a fixed rate.
c. They were given to risky borrowers.
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Suppose that an increase in capital per hour worked from $15,000 to $20,000 increases real GDP per hour worked by $500
If capital per hour worked increases further to $25,000, by how much would you expect real GDP per hour worked to increase if there are diminishing returns? A) by less than $500 B) by more than $500 but less than $5,000 C) by exactly $500 D) by more than $5,000 but less than $20,000
National defense is an example of a club good
a. True b. False Indicate whether the statement is true or false
In answering the question, assume a graph in which dollars are measured on the vertical axis and output on the horizontal axis. Refer to the information. For a purely competitive firm, total revenue graphs as a:
A. straight, upsloping line. B. straight line, parallel to the vertical axis. C. straight line, parallel to the horizontal axis. D. straight, downsloping line.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.