Introduction to Economics 2 Deneme Sınavı Sorusu #350027
Which one of the following is not true about the production function?
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It an expression that relates the total output produced to the quantities of inputs used.
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It includes physical capital, labor and natural resources
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It is one of the factors that determine how much an economy can produce.
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The production function slopes upward, meaning it is positively slope. |
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The slope of production function becomes flatter as capital input rises. |
The productive capacity includes the factors of production (the physical capital, labor and natural resources) and the production technology. The factors of production are the physical capital (K), labor (L), natural resources (raw materials, land, energy, etc.) and the entrepreneurship. These are also called the inputs of the production.
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