In the Cobb-Douglas Production Function $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$

question 13

Multiple Choice

In the Cobb-Douglas production function $Y = K ^ { 1 / 3 } L ^ { 2 / 3 }$ , labor's share of GDP is:

• A) two-thirds, regardless of how much labor there is
• B) two-thirds but can change as more laborers are added
• C) one-third, regardless of how much labor there is
• D) always equal to one
• E) Not enough information is given.

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Definitions:

Rationalization

A defense mechanism in which controversial behaviors or feelings are justified and explained in a seemingly rational or logical manner to avoid the true explanation.

Projection

A defense mechanism in psychology where an individual attributes their own unwanted emotions, desires, or impulses onto someone else.

Displacement

A psychological defense mechanism where emotional impulses are redirected from a real object to a safer substitute target.

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