The Table Below Shows Various Values of Labour (L),capital (K),and

question 68

Multiple Choice

The table below shows various values of labour (L) ,capital (K) ,and technology (T) for Economies A,B,and C.In each case,the aggregate production function takes the following form:
Y = T × TABLE 25-4
-Refer to Table 25-4.The production function that applies to Economies A,B,and C displays

• A)increasing returns to scale.
• B)increasing marginal returns to capital.
• C)diminishing marginal returns to capital.
• D)constant returns to scale.
• E)Both C and D are correct.

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Definitions:

Nonmaterial

Pertaining to aspects of a culture or society that are not physical or tangible, such as beliefs, values, rules, and norms.

Social Change

The alteration over time in societal structures and cultural norms and values, which can result from collective human actions, policies, or natural events.

Loosely Defined Norms

Social rules that are not strictly enforced or are vague in nature, often leading to varied interpretations.

Substantial Number

A phrase referring to a significant or considerable amount or quantity of something.