Post Utme Futa 2017 Economics Question 6

Practice objective / multiple choice question 6 from the 2017 Post Utme Futa Economics examination.

Post Utme Futa 2017 Economics Objective / Multiple Choice
Question 6 POST_UTME_FUTA • 2017 • ECONOMICS • objective

A country's economic growth is influenced by its human capital, natural resources, and techno\logical advancements. However, the relationship between these factors is complex and often non-linear. U\sing a Cobb-Douglas production function, derive the equation for the production of a country's GDP (Y) in terms of its labor force (L), capital stock (K), and techno\logical progress (T).

Answer Options

A. Y = AK^{\alpha}L^{\beta}
Correct Answer B. Y = AK^{\alpha}L^{\beta}T^{\gamma}
C. Y = AK^{\alpha}L^{\beta}T^{\gamma} + \epsilon
D. Y = AK^{\alpha}L^{\beta}T^{\gamma} - \epsilon
Correct Answer
B
Correct Option:
Y = AK^{\alpha}L^{\beta}T^{\gamma}

About This Question

This is Post Utme Futa 2017 Economics Question 6. It is one of the objective questions from the 2017 Post Utme Futa Economics examination.

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