Which of the Following Statements Is True

question 11

Multiple Choice

Which of the following statements is true?

• A)Oil is classified as part of the resource category land.
• B)A person working for a company is classified  as part of the resource category capital.
• C)A machine in a factory is classified as part of the resource category land.
• D)A person with the particular talent for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things is classified as part of the resource category labor.

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Definitions:

Prune the Branch

A strategy in decision-making and optimization processes that involves eliminating options or paths that are unlikely to lead to the best outcome.

Expected Value of Perfect Information (EVPI)

A concept in decision theory that quantifies the maximum worth of having precise and complete information when making a decision.

State of Nature Nodes

Decision-making points in decision tree analysis representing different scenarios or outcomes that are not under the control of the decision-maker.

EMV

EuroPay, MasterCard, and Visa, a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions.