Which of the Following Statements About Inputs Is Correct

question 113

Multiple Choice

Which of the following statements about inputs is correct?

• A)A forest is an example of a natural resource;it is also an example of a renewable resource.
• B)There is no distinction between human capital and technological knowledge.
• C)Human capital is a non-produced factor of production.
• D)Physical capital is a non-produced factor of production.

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Definitions:

Price Decreases

A reduction in the cost at which goods or services are sold, leading to an increase in the quantity demanded.

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, often reflected as a measure of producer welfare.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive.

Phantom Tickets

Phantom tickets typically refer to tickets for an event that are sold or promised to a customer but do not actually exist or are not delivered, leading to potential scams or fraud.