Which of the following statements describes the presence of diminishing returns? All else equal,

A laissez faire policy is one in which

a. the government plays a major role in guiding economic activity b. the government prefers to control taxes rather than spending c. the government leaves things alone d. individuals rely on the government for guidance but not for active intervention in the economy e. businesses rely on the government for guidance but not for active intervention in the economy

A nation's standard of living is best measured by its

a. real GDP. b. real GDP per person. c. nominal GDP. d. nominal GDP per person.