In the production function Real GDP = T (L,K,NR,H),the T represents the _____________ coefficient,the L represents ________________,the K represents _______________,the NR represents natural resources,and the H represents ________________.
A) tax; labor; capital; humanity
B) technology; labor; knowledge; humanity
C) technology; labor; capital; human capital
D) trade; labor; knowledge; human capital

Question

Quizplus · Accepted Answer

In the production function, the T represents the technology coefficient, which is the level of technology and efficiency of production. The L represents labor, which is the amount of human labor used in production. The K represents capital, which is the amount of physical capital, such as tools and equipment, used in production. The NR represents natural resources, such as land and raw materials. The H represents human capital, which is the knowledge and skills of the workforce. Therefore, the best choice is C, which correctly identifies the variables in the production function.

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