A production function specifies the relation between ____________ and the ___________ to ____________________.
A) technology; output; Real GDP
B) technology; the factor inputs; Real GDP
C) price; quantity; Real GDP
D) Real GDP; the factor inputs; the price level

Question

Quizplus · Accepted Answer

A production function specifies the relationship between the factor inputs (such as labor, capital, and raw materials) and the output produced by a firm. It describes the production process and shows how inputs can be combined to produce output. Real GDP is a measure of the total value of goods and services produced in a country, and it is influenced by factors such as labor productivity, capital accumulation, and technological progress. Therefore, B is the best choice because it describes the key components of a production function and their relationship to Real GDP.

A Production Function Specifies the Relation Between ____________ and the ___________

A Production Function Specifies the Relation Between __ and the _