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:

Fine Imposed

A penalty, usually in the form of a monetary payment, levied on an individual or entity for violating laws or regulations.

Long-Run Equilibrium

A state in a market where all firms are making normal profits, and there is no incentive for firms to enter or exit the industry.

Plaster

A building material used for coating walls and ceilings, which hardens after application.

Labor

The human effort, both physical and mental, that is used to produce goods and services.