Resources Are All of the Following Except

question 126

Multiple Choice

Resources are all of the following except:

• A) the things we use to produce goods and services.
• B) scarce and therefore requiring choices to be made.
• C) unlimited and in abundance.
• D) limited in quantity and can be used in different ways.

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Definitions:

Rate of Interest

The percentage of a sum of borrowed money that is paid by the borrower to the lender for the use of that money for a certain period.

Frank Knight

was an influential American economist known for his work on risk, uncertainty, and the role of the entrepreneur in economic theory.

Probability

The measure of the likelihood that an event will occur.

Land Rents

Payments made for the use of land, reflecting the value attributed to location and fertility in agricultural or real estate markets.