If, when a firm doubles all its inputs, its average cost of production decreases, then production displays

The multiplier effect refers to the series of

A) induced increases in consumption spending that result from an initial increase in autonomous expenditures. B) autonomous increases in consumption spending that result from an initial increase in induced expenditures. C) induced increases in investment spending that result from an initial increase in autonomous expenditures. D) autonomous increases in investment spending that result from an initial increase in induced expenditures.

Human capital refers to which of the following?

A) physical equipment that is made by human laborers, not machines B) manufactured goods that are used to produce other goods and services C) the quantity of goods and services that can be produced by one worker or by one hour of work D) the accumulated knowledge and skills workers acquire from education and training or from their life experiences