Which of the following statements about inputs is correct?
A)A forest is an example of a natural resource;it is also an example of a renewable resource.
B)There is no distinction between human capital and technological knowledge.
C)Human capital is a non-produced factor of production.
D)Physical capital is a non-produced factor of production.

Question

Quizplus · Accepted Answer

A forest is a natural resource and is renewable because it can regenerate naturally over time. Option B is incorrect because there is a clear distinction between human capital (the knowledge, skills, and experience that individuals bring to productive activity) and technological knowledge (the knowledge embodied in physical capital and ideas that can be used to produce goods and services). Option C is incorrect because human capital is a produced factor of production, as it requires investments in education, training, and personal development. Similarly, option D is incorrect because physical capital (i.e., machinery, equipment, buildings, etc.) is also a produced factor of production, whereas natural resources like land and minerals are not.

Which of the Following Statements About Inputs Is Correct