Which of the Following Statements About Factors of Production Is

question 263

Multiple Choice

Which of the following statements about factors of production is the most accurate?

• A) The five factors of production are energy, capital, labor, leadership, and money.
• B) Wealth creation in poor nations is slowed by chronic shortages of labor.
• C) Each of the factors of production is equally important in creating wealth.
• D) Entrepreneurship and knowledge are the most important in creating wealth.

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Definitions:

Certified Checks

Checks guaranteed by a bank, confirming that the drawer has enough funds to cover the amount.

Certification

The formal verification by a recognized authority that an individual, organization, or product has met specific standards or qualifications.

Liability

Legal responsibility for one's actions or failures to act, which may result in being required to compensate for damages or losses caused.

Central Banks

Institutions that manage a country's currency, money supply, and interest rates.