In a production function Y = F(L, K,N,E,T) Y is ?
Correct answer: A. national product
- A. national product
- B. capital
- C. natural resources
- D. prevailing technology
Explanation
In a production function, Y denotes output, which at the national level may be called national product. L, K, N and E represent inputs such as labour, capital, natural resources and entrepreneurship, while T represents technology.
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