Which of the Following Statements Is False

question 167

Multiple Choice

Which of the following statements is false?

• A) Capital consists of produced goods that can be used as inputs for further production.
• B) The terms resources,inputs,and factors of production are synonyms.
• C) Labor consists of the physical,but not mental,talents of people who contribute to the production process.
• D) Entrepreneurship is one of the four categories of resources.
• E) The resource category land includes natural resources,such as minerals,forests,water,and unimproved land.

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Definitions:

Domestic Output

The total value of all goods and services produced within a country's borders in a given time period.

Imported Jeans

Denim pants that are produced in one country and brought into another country for sale, subject to trade policies and tariffs.

Domestic Price

The price of goods or services within a country's own market, as opposed to international prices.

World Price

The international market price of a good or service, influenced by global supply and demand.