The mathematical representation of the technological relationship between inputs and national output is known as the Group of answer choices input-output table. production possibilities frontier. aggregate supply function. aggregate production function

The mathematical representation of the technological relationship between inputs and national output is known as the Group of answer choices input-output table. production possibilities frontier. aggregate supply function. aggregate production function

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter5: Gross Domestic Product

Section: Chapter Questions

Problem 7SQ

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Concept explainers

Cost of Production

In economic theory, production costs are the costs incurred by an industrial organization when it engineers a project or provides a service that generates revenue and benefits. Labor costs, raw materials, consumable manufacturing costs, and general overhead sum up, accounting for production costs. Total cost data is calculated by combining total direct costs of materials, labor costs, and total production costs.

Question

The mathematical representation of the technological relationship between inputs and national output is known as the

Group of answer choices

input-output table.

production possibilities frontier.

aggregate supply function.

aggregate production function.

Definition Definition Total supply of goods and services in an economy at a certain price level in a specific time period.

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