With Respect to Factors of Production,which of the Following Statements

question 118

Multiple Choice

With respect to factors of production,which of the following statements is not true?

• A)Factors of production are also known as resources.
• B)In order to produce any good or service,it is necessary to have factors of production.
• C)Factors of production include land,labor,capital,and entrepreneurship.
• D)Only those resources that are privately owned are counted as factors of production.

---

Definitions:

Microvilli

Tiny hair-like structures on the surface of some cells that increase surface area for absorption or secretion.

Rugae

The folds or ridges found on the internal surface of the stomach, which allow it to expand as needed.

Hepatic Lobule

The functional unit of the liver, consisting of a hexagonal structure that processes nutrients, detoxifies harmful substances, and produces bile.

Portal Triad

A distinctive arrangement within the liver consisting of a bile duct, a branch of the hepatic artery, and a branch of the hepatic portal vein, essential for liver function.