Which of the following statements is false?
A) To an economist, the resource land includes natural resources such as minerals, forests, water and unimproved land.
B) To an economist, the resource capital consists of unproduced goods that can be turned into produced goods.
C) To an economist, the resource labor consists of the physical and mental talents people contribute to the production process.
D) To an economist, the resource entrepreneurship refers to a particular talent that some people have for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things.
B
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Explain the two basic mechanisms that increase GDP per capita over the long term
What will be an ideal response?
Even though fixed costs do not affect the output decision, an increase in fixed costs results in a wider range of prices for which the firm operates at a loss
What will be an ideal response?
When a firm sells a given product at more than one price and the price difference is NOT caused by differences in cost then there is
A) price discrimination. B) price differentiation. C) price demarcation. D) price delineation.
As of 2013, annual imports to the U.S. were approximately ____ and annual exports from the U.S. were approximately ____
a. $0.6 trillion; $1.5 trillion b. $2.2 trillion; $0.7 trillion c. $2.7 trillion; $2.3 trillion d. $1.5 trillion; $2.0 trillion e. $2.0 trillion; $2.0 trillion