A Production Function Specifies the Relation Between ____________ and the ___________

question 31

Multiple Choice

A production function specifies the relation between ____________ and the ___________ to ____________________.

• A) technology; output; Real GDP
• B) technology; the factor inputs; Real GDP
• C) price; quantity; Real GDP
• D) Real GDP; the factor inputs; the price level

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Definitions:

Adhesion Contract

A contract drawn by one party that must be accepted on a take-it-or-leave-it basis.

Warranty

A promise, typically by a manufacturer or seller, regarding the condition or performance of a product.

Premium

An amount paid for an insurance policy or in broader terms, can represent a fee or price paid for higher quality or superior service.

Universal Life Insurance

A form of straight life insurance that allows the policy owner flexibility in choosing and changing terms of the policy.