Question : Production function explains the relationship between:
Option 1: initial inputs and ultimate output
Option 2: input and ultimate consumption
Option 3: output and consumption
Option 4: output and exports
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Correct Answer: initial inputs and ultimate output
Solution : The correct answer is initial inputs and ultimate output .
The link between inputs (such as labour, capital and raw materials) and the creation of goods and services is described by a production function. The production function illustrates the various ways that inputs can be combined to produce commodities and services.
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