select the correct answer. which statement is true? a. in economics, land refers to all the natural…

select the correct answer. which statement is true? a. in economics, land refers to all the natural resources found on land alone. b. in economics, capital includes only tangible objects used for production. c. a point on the ppc indicates maximum utilization of available resources. d. a point under the ppc indicates overutilization of available resources.

select the correct answer. which statement is true? a. in economics, land refers to all the natural resources found on land alone. b. in economics, capital includes only tangible objects used for production. c. a point on the ppc indicates maximum utilization of available resources. d. a point under the ppc indicates overutilization of available resources.

Answer

Brief Explanations:

  • Option A: In economics, land includes all natural resources, not just those on land (e.g., water - based resources also count).
  • Option B: Capital in economics includes both tangible (e.g., machinery) and intangible (e.g., patents) objects used for production.
  • Option C: A point on the Production - Possibility Curve (PPC) represents maximum utilization of available resources and efficient production.
  • Option D: A point under the PPC indicates under - utilization of available resources.

Answer:

C. A point on the PPC indicates maximum utilization of available resources.