Which of the Following Is True of Resources

question 59

Multiple Choice

Which of the following is true of resources?

• A) Capital resources include manual labor.
• B) Natural resources are produced by nature and are available at a zero price.
• C) Labor includes the skills and training people acquire to use in production.
• D) Technological know-how is an example of a natural resource.
• E) Human capital is the technical term for a robot.

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Definitions:

Incur A Loss

The situation in which the costs of operating a business exceed the revenues, leading to negative profits.

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

Profit-Maximizing Firm

A business entity that focuses on activities and decisions that increase its net earnings to the highest possible level.

Horizontal Axis

In a graph or chart, the x-axis, which typically represents the independent variable or time scale.