In the Context of Factors of Production, Which of the Following

question 103

Multiple Choice

In the context of factors of production, which of the following statements is true of natural resources?

• A) They are also referred to as man-made resources.
• B) They do not require extraction, purification, or harnessing.
• C) Cereal crops are an example of natural resources.
• D) The value of all natural resources tends to rise with high demand.

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Definitions:

Tax Purposes

This encompasses reasons or considerations related to the assessment, computation, and payment of taxes.

Employer-Paid Premiums

Premiums paid by employers for employee benefits like health insurance, usually not taxable income for the employee.

Life Insurance

Life Insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person.

Taxable

Referring to income or transactions that are subject to taxation by government authorities.