Which of the Following Phrases Correctly Describes at Least One

question 3

Multiple Choice

Which of the following phrases correctly describes at least one of the factors of production?

• A)Natural resources,such as minerals,timber,and water,as well as land itself
• B)The physical and intellectual services of technological advances
• C)Buildings and warehouses,but not factories
• D)Inventories
• E)Automobiles

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Definitions:

Production Possibilities Curve

Represents different combinations of two goods that can be produced with a given set of resources and technology, assuming efficient use of resources.

Domestic Output

The total value of all goods and services produced within the borders of a country within a specific period.

Before-Tax Household Income

The total income earned by all members of a household before any taxes are deducted.

Percent

A way to express a number as a fraction of 100, denoting proportions or ratios.