In the Two-Sector Specific-Factors Model, Diminishing Returns to Labor Implies

question 49

Multiple Choice

In the two-sector specific-factors model, diminishing returns to labor implies:

• A) that the country's production possibilities frontier is linear (a straight line).
• B) that the country's production possibilities frontier is concave to the origin (bowed out from the origin).
• C) that the country's production possibilities frontier is convex from the origin (bowed in toward the origin).
• D) that the country's production possibilities frontier may be either concave to or convex from the origin.

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Definitions:

Resources Together

The act of pooling various types of resources such as financial, human, and material to achieve a common goal or project.

Impoverished Management

A management style associated with low concern for both people and production in Blake and Mouton's Managerial Grid.

Concern For People

Emphasizes the importance of considering and prioritizing the well-being and interests of individuals within an organization.

Positive Face

A concept in politeness theory referring to an individual's desire to be appreciated and approved by others in social interactions.