In the production function Real GDP = T (L,K),the T represents the _____________ coefficient,the L represents ________________ and the K represents _______________.
A) tax; labor; capital
B) technology; labor; capital
C) technology; labor; knowledge
D) technology; livestock; knowledge

Question

Quizplus · Accepted Answer

The T in the production function represents the level of technology, which is a measure of the efficiency with which inputs of labor and capital are transformed into output. Therefore, option B is the correct answer as it mentions "technology" as the T coefficient, "labor" as L, and "capital" as K. Option A is incorrect as tax cannot be a coefficient in the production function. Option C and D are also incorrect because knowledge and livestock are not typically included as inputs in the production function.

In the Production Function Real GDP = T (L,K),the T