Using the Production Function and Notation in the Text, What

question 79

Multiple Choice

Using the production function and notation in the text, what does K/L measure?

• A) average wages per worker
• B) human capital per worker
• C) output per worker
• D) physical capital per worker

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Definitions:

Standard Costs

The predetermined costs of manufacturing a single unit or a number of product units during a specific period under current or anticipated operating conditions.

Gallons

A volume measurement primarily utilized in the United States for quantifying liquid substances.

Raw Materials Inventory

Refers to the total cost of all the materials that are not yet processed and used in production, stored in a warehouse or inventory.

Gallons

A unit of volume for liquid measures, used primarily in the United States, equal to four quarts or approximately 3.785 liters.