Which of the Following Statements About Economic Resources Is False

question 18

Multiple Choice

Which of the following statements about economic resources is false?

• A)Economic resources include financial capital and money.
• B)Economic resources are also called factors of production.
• C)Economic resources are used to produce goods and services.
• D)Some economic resources are human-made while others are found in nature.

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Definitions:

Employee Shirking

Refers to employees putting in less effort than agreed upon or expected, often when they believe their lack of effort will not be noticed or punished.

Specialization

The process of focusing on and becoming expert in a particular area of production or knowledge to increase efficiency.

Falling Costs

A situation where the expenses associated with producing a good or service decrease, often leading to lower prices for consumers.

Economies of Scale

The cost advantage that arises with increased output of a product, where average costs start to fall as production scales up.