If the Production Function Describing an Economy Is Y =

question 28

Multiple Choice

If the production function describing an economy is Y = 100 K^.25L^.75, then the share of output going to labor:

• A)is 25 percent.
• B)is 75 percent.
• C)depends on the quantities of labor and
• D)capital. depends on the state of technology.

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Definitions:

Theory-Specific

Pertaining or relating to a particular theory or its distinct principles and ideas.

Critical Thinking

The disciplined process of actively evaluating, analyzing, and synthesizing information gathered from observation, experience, reflection, or communication.

Theory-Specific

Pertaining to concepts, methodologies, or techniques that are unique to a particular theoretical approach.

Closing Phase

The final stage in a process or activity, often marked by the conclusion of tasks or wrapping up of affairs.