According to the law of diminishing returns, an additional unit of
A) capital produces more output than an additional unit of labor.
B) labor decreases output.
C) labor produces more output than the previous unit.
D) labor produces less output than the previous unit.
D
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The environmental Kuznets curve suggests that
a. the environment deteriorates with development b. the environment deteriorates up to some level of GDP then improves c. open economies have less environmental problems d. low-income countries have more environmental problems e. none of the above
Expansionary monetary policy is achieved by:
A) decreasing the amount of bank reserves and lowering the federal funds rate. B) decreasing the amount of bank reserves and raising the federal funds rate. C) increasing the amount of bank reserves and lowering the federal funds rate. D) increasing the amount of bank reserves and raising the federal funds rate.