Statement I.Labor and Capital Are Resources

question 241

Multiple Choice

Statement I.Labor and capital are resources.
Statement II.Scarcity has been largely eliminated from our economy.

• A)Statement I is true and statement II is false.
• B)Statement II is true and statement I is false.
• C)Both statements are true.
• D)Both statements are false.

---

Definitions:

Financial Disaster

A situation where financial loss is so severe that it can cause a collapse of economic stability in an individual or organization's circumstances.

Academic Disaster

A significant failure or catastrophic event in the educational realm, negatively impacting the academic progress or institutions involved.

Provost

A senior administrative officer in a college or university, typically responsible for academic and administrative affairs.

Affirming the Consequent

A logical fallacy where one incorrectly infers a cause from an effect.