Asked by Radia Farid on Jul 26, 2024
Verified
Statement I: Sometimes land (as a factor of production) is confused with what is built on it.
Statement II: There is a finite amount of land.
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.
Finite
Something that has limits or bounds; having a definite end or duration.
- Differentiate between true and false statements regarding economic theories and phenomena.
Verified Answer
SL
Sonia LopezJul 28, 2024
Final Answer :
C
Explanation :
Statement I is true because land in economics refers to all natural resources, and people often confuse it with the structures built on it. Statement II is true because the amount of land available on Earth is limited and cannot be increased.
Learning Objectives
- Differentiate between true and false statements regarding economic theories and phenomena.