The inflation-adjusted value of all goods and services produced is

A normative economic statement

a. is a hypothesis used to test economic theory b. is a statement of fact c. is a statement of what ought to be, not what is d. indicates what will occur if certain assumptions are true e. enables economists to test hypotheses

The law of diminishing returns describes the:

A. relationship between total costs and total revenues. B. profit-maximizing position of a firm. C. relationship between resource inputs and product outputs in the short run. D. relationship between resource inputs and product outputs in the long run.