Which of the following statements is false?
A) Capital consists of produced goods that can be used as inputs for further production.
B) The terms resources, inputs, and factors of production are synonyms.
C) Labor consists of the physical, but not mental, talents of people who contribute to the production process.
D) Entrepreneurship is one of the four categories of resources.
E) The resource category land includes natural resources, such as minerals, forests, water, and unimproved land.
C
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The money the North Korean government spent to purchase a closed British brewery was a(n) ________ cost, and the choice to brew beer in this brewery instead of using the resources to feed the people of North Korea is a(n) ________ cost
A) explicit; explicit B) explicit; implicit C) implicit; implicit D) implicit; explicit
________ taxes are taxes paid when purchasing specific goods such as alcohol, tobacco, and gasoline
A) Property B) Payroll C) Wealth D) Excise