If Y Is Total Output, K Is the Capital Stock

question 154

Multiple Choice

If Y is total output, K is the capital stock and L is the total labor input stock, which of the following represents a production function?

• A) Y = f(L,K)
• B) K = f(L,Y)
• C) L = f(Y, K)
• D) all of the above

Acknowledge the impact of legal and illegal activities on GDP measurements.

Calculate the unemployment rate in various contexts.

Define and distinguish between employed, unemployed, discouraged workers, and not in the labor force.

Identify factors that influence changes in the unemployment rate.

---

Definitions:

Business Serving

Activities performed by a business aimed at assisting and fulfilling the needs of its customers.

Kansas Exodus

The mass migration of African Americans from the southern United States to Kansas following the Reconstruction era, seeking political and social freedom.

Underground Railroad

Operating in the decades before the Civil War, a clandestine system of routes and safehouses through which slaves were led to freedom in the North.