In a Particular Production Process,if the Quantities of All Inputs

question 9

Multiple Choice

In a particular production process,if the quantities of all inputs used are increased by 60%,then the quantity of output increases by 60% as well.This means that

• A)the production process cannot be enhanced by technological advances.
• B)no mathematical representation of the relevant production function can be formulated.
• C)the relevant production function has the limits-to-growth property.
• D)the relevant production function has constant-returns-to-scale.

---

Definitions:

Arguments

In economics, this often refers to the presentation and examination of reasons or explanations in support of or against economic theories, policies, or practices.

Government Purchases

Expenditures made by the government sector on goods and services to fulfill its various functions and responsibilities.

Transfer Payments

Payments made by governments to individuals without requiring any goods or services in return, such as welfare or social security.

Goods and Services

The output of an economy's business activities, encompassing tangible products (goods) and intangible offerings (services).