Question

Which of the following statements is true?

a. Oil is considered to be the resource land.
b. A person working for a company is considered to be the resource capital.
c. A machine in a factory is considered to be the resource land.
d. A person with the particular talent for organizing the resources of land, labor, and capital to produce goods, seek new business opportunities, and develop new ways of doing things is considered to be the resource labor.

Answer 1

A. Oil is considered to be the resource land

Step-by-step explanation:

• Oil is considered to be a land resource, as oil is naturally occurring in the ancient and prehistoric rocks of the earth thus are called crude oil occurs in raw forms. About 84% of oil reserves occur in offshores.

• The total estimated oil reservoir of oil is based on the geologic data obtained from the oil wells. With approx, 4.1 million barrels of oils are held in strategic reserves.

• Techniques for the estimation of oil in places are Volumetric methods, material balance methods, production decline curve method. New research suggests that the oil reserves have been found in Canada and the Antarctic circle.

• Maximum reserves have been found in Venezuela, Saudi Arabia, and Canada as these lands have great deposits of mineral sand and sedimentary rock. And its believed 13 % of oil reserves are hidden and undiscovered in world lands and oceans.