Statement I.Resources are often referred to as "the means of production."
Statement II.Capital is a resource.
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.

Question

Quizplus · Accepted Answer

Both statements are true. Resources, including capital, labor, and natural resources, are indeed referred to as "the means of production" in economics. Capital, which can be financial or physical, is considered a type of resource used in the production of goods and services.