,
, BADM 7200 MODULE 2 HOMEWORK
ASSIGNMENT: CHAPTERS 4 & 5 |
QUESTIONS AND ANSWERS | 2026
UPDATE | WITH COMPLETE SOLUTIONS |
RATED 100% CORRECT.
SECTION 1: THE PRODUCTION FUNCTION &
FACTOR MARKETS (Questions 1-15)
Question 1
The production function shows the relationship between:
A) Output and factor prices
B) Output and the quantities of inputs
C) Output and aggregate demand
D) Output and the money supply
Correct Answer: B) Output and the quantities of inputs
Rationale: The production function Y = F(K, L) shows how much output can
be produced from given quantities of labor (L) and capital (K). It embodies
the available technology and shows constant returns to scale .
Question 2
Which of the following is a factor of production?
, BADM 7200 MODULE 2 HOMEWORK
ASSIGNMENT: CHAPTERS 4 & 5 |
QUESTIONS AND ANSWERS | 2026
UPDATE | WITH COMPLETE SOLUTIONS |
RATED 100% CORRECT.
SECTION 1: THE PRODUCTION FUNCTION &
FACTOR MARKETS (Questions 1-15)
Question 1
The production function shows the relationship between:
A) Output and factor prices
B) Output and the quantities of inputs
C) Output and aggregate demand
D) Output and the money supply
Correct Answer: B) Output and the quantities of inputs
Rationale: The production function Y = F(K, L) shows how much output can
be produced from given quantities of labor (L) and capital (K). It embodies
the available technology and shows constant returns to scale .
Question 2
Which of the following is a factor of production?