What role do non-monetary considerations play in physical capital investment decisions as opposed to human capital investment decisions?
a. they play a minor to nonexistent role in both.
b. they play an equally important role in both.
c. they are probably more important in physical capital investment decisions.
d. they are probably more important in human capital investment decisions.
D
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"Diminishing marginal returns" refer to a situation in which the
A) marginal cost of the next worker hired is less than the marginal cost of the previous worker hired. B) average cost of the next worker hired is less than the average cost of the previous worker hired. C) marginal product of the next worker hired is less than the marginal product of the previous worker hired. D) average product of the next worker hired is less than the average product of the previous worker hired.
The relationship between changes in income and purchase of a good indicates
a. whether the good is a luxury or necessity. b. whether the good is normal or inferior. c. whether the good is a complement or substitute. d. Both a and b.