Oil Found in Alaska Is an Example of

question 370

Multiple Choice

Oil found in Alaska is an example of

• A)physical capital.
• B)land or natural resource.
• C)human capital.
• D)labor.

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Definitions:

Term Papers

Research papers usually required at the end of a semester or term in schools and colleges, as part of the assessment.

Utility Function

A formula that represents a consumer’s preference ranking for different combinations of goods or services, indicating the total satisfaction achieved from consumption.

Competitive Market

A market structure characterized by a large number of buyers and sellers, with no single participant able to significantly influence the market price.

Coconuts

In economic models or exercises, often used as a commodity or goods to demonstrate concepts of trade, barter, or economic principles more simplistically.