The Production Function Y = F (K) Means

question 98

Multiple Choice

The production function y = f (k) means:

• A)labour is not a factor of production.
• B)output per worker is a function of labour productivity.
• C)output per worker is a function of capital per worker.
• D)the production function exhibits increasing returns to scale.

---

Definitions:

User Costs

The costs incurred by using a product or service, including purchase price, maintenance, and operation expenses.

Level

A stage, degree, or magnitude in a hierarchical system, often used to describe intensity, development, or achievement.

Overextraction

The process of extracting natural resources faster than they can be replenished, leading to depletion or degradation of those resources.

User Cost

The cost of using a durable good or capital, considering factors like depreciation and the opportunity cost of not investing the funds elsewhere.