With respect to factors of production, which of the following statements is not true?
A. Only those resources that are privately owned are counted as factors of production.
B. In order to produce any good or service, it is necessary to have factors of production.
C. Factors of production are also known as resources.
D. Factors of production include land, labor, capital, and entrepreneurship.
Answer: A
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When an economy operates at its long-run potential output level,
a. aggregate demand will exceed aggregate supply in the goods and services market. b. unemployment will decline to an abnormally low rate that cannot be sustained in the long run. c. the actual rate of unemployment will exceed the natural rate of unemployment. d. the natural and actual rates of unemployment will be equal.