The Production Function of a Restaurant Includes Items Such as Labor

question 59

Multiple Choice

The production function of a restaurant includes items such as labor (i.e.,cooks,waiters,a manager) ,capital (i.e.,ovens,counters,tables,chairs,and a building) ,and land.In the short run,the owner of the restaurant will optimize production by employing a variable amount of ________ given a fixed amount of ________.

• A) capital; labor and land
• B) land; capital and labor
• C) labor; capital and land
• D) labor; capital and raw materials
• E) land; labor and raw materials

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Definitions:

Income Per Person

The average amount of money earned by an individual in a specific area or country, often used to measure economic well-being.

Real GDP Growth Rates

The rate at which the inflation-adjusted value of all goods and services produced in a country grows over a specified period of time.

Rich Countries

Nations with high levels of income per capita, advanced infrastructure, and a high standard of living among their populations.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by GDP.