Individual families exhibit remarkable year-to-year stability in income
Indicate whether the statement is true or false
F
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Vicarious consumption refers to the notion that
a. individuals have a sense of obligation to preserve the environment for future generations b. people gain utility knowing that others receive gains from an environmental good c. individuals gain from directly consuming the services generated by an environmental resource d. natural resources have intrinsic value e. none of the above
Real GDP accurately reflects both the quantity and quality of goods and services
a. True b. False Indicate whether the statement is true or false
IPods and headphones are examples of which of the following?
a. Substitutes b. Inferior Goods c. Complements d. None of the above
Suppose a firm can produce 70 units of a product, Zenia, by combining labor, land, capital, and entrepreneurial ability, as in the four alternative techniques shown in the table below. Assume further that the firm can hire labor at $3 per unit, land at $3 per unit, capital at $6 per unit, and entrepreneurship at $9 per unit. Techniques ABCDLabor41065Land5333Capital5244Entrepreneurship1111 Refer to the provided table, and suppose that the firm uses production technique D. If each of the 70 units of Zenia that are produced sells for $1 apiece, then how much will be the total profits of the firm from 70 units of Zenia?
What will be an ideal response?