In the short run, the point at which diminishing marginal returns to labor begin is the point at which the marginal cost curve

The precautionary principle is most likely to be applied when some impacts

a. Involve option values b. Are irreversible c. Are converted to present values d. Are estimated using the avoided cost approach e. Involve indirect use values

An increase in aggregate demand will reduce the unemployment rate only if the ensuing inflation is anticipated

a. True b. False Indicate whether the statement is true or false