Which of the following best describes the production function?
(a) TP = (Land, Labour, Capital, Savings).
(b) TP = f (Land, Labour, Capital, Savings).
(c) TP = (Land, Labour, Capital, Enterprise).
(d) TP = f (Land, Labour, Capital, Enterprise).
Answer: (d) TP = f (Land, Labour, Capital, Enterprise)
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A. in the reference base year B. when the U.S. unemployment rate is zero C. when the U.S. economy is at full employment D. when the U.S. inflation rate is zero
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A) increase from 2.33 to 2.55 B) decrease from 2.55 to 2.33 C) increase from 1.67 to 1.82 D) decrease from 1.82 to 1.67
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