Which of the Following Statements About Economic Resources Is True

question 13

Multiple Choice

Which of the following statements about economic resources is true?

• A)Economic resources include financial capital and money.
• B)Economic resources are also called factors of production.
• C)Economic resources are used only by businesses.
• D)All economic resources are man-made.

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Definitions:

Traceable Costs

Direct costs associated with a specific product, department, or segment that can be directly attributed to that area.

Budget Reports

Financial documents that outline the planned versus actual revenue and expenses over a period.

Managerial Responsibility

The duty and accountability held by managers to make decisions, oversee operations, and ensure the strategic objectives of the organization are met.

Controllable Costs

Expenses that can be directly controlled or influenced by a manager or decision-maker within a certain time frame.