Which of the Following Statements About the Economic Concept of Land

question 57

Multiple Choice

Which of the following statements about the economic concept of land is not true?

• A)Land includes forests, minerals, and other natural resources.
• B)Countries that are rich in natural resources are not always successful in exploiting these resources to produce goods and services.
• C)Natural resources alone do not generate growth.
• D)Abundant natural resources are necessary for economic growth.
• E)Countries that lack natural resources need not be characterized by limited economic growth.

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Definitions:

Internal Control

A process designed to ensure reliability in financial reporting, effectiveness and efficiency of operations, and compliance with laws and regulations.

Fraud

Deceptive practice intended to result in financial or personal gain, often involving the deliberate misrepresentation or omission of critical information.

Reliability

The consistency and dependability of data or an instrument, often measured over time to ensure stability and accuracy in results.

Accounting Records

Accounting Records are documentation and books that comprise all the financial statements, ledgers, and other pertinent financial information about a business.