Diminishing marginal returns refers to the fact that
a. holding other inputs constant, additional increases in labor lead to smaller changes in output.
b. holding other inputs constant, additional increases in labor lead to lower output.
c. additional increases in labor always lead to smaller changes in output
d. the returns to labor fall as real wages rise.
Question 2
According to the new classical model, the output cost of reducing inflation
a. is the costs of the revenue lost by printing less money.
b. is the lost income from the large recession that will occur as aggregate demand falls.
c. may be small if the policy to reduce inflation is seen as credible by the public.
d. will be zero if it is unanticipated.
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