With respect to factors of production,which of the following statements is not true?
A)Factors of production are also known as resources.
B)In order to produce any good or service,it is necessary to have factors of production.
C)Factors of production include land,labor,capital,and entrepreneurship.
D)Only those resources that are privately owned are counted as factors of production.

Question

Quizplus · Accepted Answer

The statement "Only those resources that are privately owned are counted as factors of production" is not true. Factors of production include both privately and publicly owned resources, such as public land or government-funded infrastructure.

With Respect to Factors of Production,which of the Following Statements