Which of the Following Statements Is False

question 137

Multiple Choice

Which of the following statements is false?

• A) To an economist,the resource land includes natural resources such as minerals,forests,water and unimproved land.
• B) To an economist,the resource capital consists of unproduced goods that can be turned into produced goods.
• C) To an economist,the resource labor consists of the physical and mental talents people contribute to the production process.
• D) To an economist,the resource entrepreneurship refers to a particular talent that some people have for organizing the resources of land,labor,and capital to produce goods,seek new business opportunities,and develop new ways of doing things.

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Definitions:

Monthly Advertising Budget

The allocated amount of spending for advertising activities planned for a month.

Net Operating Income

The total profit of a company after operating expenses are subtracted from gross profit but before interest and taxes.

Sales Volume

The total number of units of a product or service sold during a specific period.

Variable Expenses

Expenses that vary depending on the amount of products made or the volume of sales transactions.