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Q.

Choose given statement that is true/false:

All sources and substances have equal economic value.

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a

True

b

False

answer is B.

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Detailed Solution

The above statement is incorrect.
Economic value is a person's assessment of an economic good based on the benefit they receive from it. It is frequently calculated using the person's willingness to pay for the good, usually expressed in money units. Some resources have economic worth because of their scarcity and demand, while others have little economic value because of their abundance and low demand.
The correct statement would be- all sources and substances do not have equal economic value according to their demand and availability.

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