Data Is Composed Of

question 26

Multiple Choice

Data is composed of:

• A)facts
• B)numbers
• C)information
• D)A and B
• E)A,B,and C

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Definitions:

Output

The amount of goods or services produced by a person, machine, factory, or system over a certain period.

Production Function

A mathematical model that describes the relationship between inputs used in production and the output of goods or services.

Isoquant

A curve that represents all combinations of inputs that yield the same level of output, illustrating the production possibilities of a firm.

Output

The total amount of goods or services produced by a company, industry, or economy.