Economists Would Classify All of the Following as "Land," Except

question 123

Multiple Choice

Economists would classify all of the following as "land," except:

• A) Two thousand acres of virgin forest
• B) A hydroelectric dam
• C) Crude oil reserves
• D) Iron ore deposits

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Definitions:

Small Business Owner's Product

A product or service that is offered by an entrepreneur owning and running a small-scale business.

Breakeven Point

The level of production or number of sales at which costs equal revenues, resulting in neither profit nor loss.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance.

Luxury Goods

Products or services that are not essential but are considered desirable and are associated with high quality and high price.