Which of the Following Is True

question 26

Multiple Choice

Which of the following is true?

• A) The Cobb-Douglas production function is given by the general formula Q = AL^αK^β and the constant elasticity of substitution is equal to 0.
• B) The Cobb-Douglas production function is given by the general formula Q = AL^αK^β and the constant elasticity of substitution is equal to 1.
• C) The Cobb-Douglas production function does not exhibit a constant elasticity of substitution.
• D) The Cobb-Douglas production function always takes the form Q = K² L².

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Definitions:

1830-1850

A two-decade period in the 19th century marked by significant social, political, and technological changes in the United States, including the rise of the abolitionist movement and the expansion of the railroad network.

Wages

Payments made to workers for their labor, typically calculated on an hourly, daily, or piecework basis.

Union Power

The strength and influence of labor unions in negotiating workers' rights, wages, and working conditions.

Task System

The Task System was a labor system where enslaved people were assigned daily tasks to complete and were allowed some personal time upon the completion of those tasks.