Which of the Following Includes the Four Basic Resources Supplied

question 66

Multiple Choice

Which of the following includes the four basic resources supplied by households?

• A)Natural resources,labor,intelligence,capital
• B)Money,labor,natural resources,entrepreneurial ability
• C)Intellectual ability,physical ability,money,natural resources
• D)Labor,capital,intelligence,entrepreneurial ability
• E)Labor,natural resources,entrepreneurial ability,capital

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Definitions:

Variable Overhead

Costs that vary with the level of production output, such as utilities and materials, as opposed to fixed overhead costs.

Absorption Costing

A pricing approach that incorporates all costs of production, including direct materials, direct labor, and all manufacturing overheads, both variable and fixed, into the product's cost.

Total Product Cost

This refers to the sum of all costs used to create a product, including direct labor, direct materials, and manufacturing overhead.

Per Unit

A measurement expressing costs, profits, or other economic variables on a per-unit basis.