Higher rates of real economic growth can allow a less-developed, low per capita income country to attain the same standard of living as a more developed, high per capita income country in a few years.
a. True
b. False
Indicate whether the statement is true or false
Question 2
Ronnie waits one hour in queue to buy a ticket to a rock concert. The opportunity cost of buying the 28 ticket:
a. is Ronnie's best alternative use of the sum of 28 spent on the ticket.
b. is Ronnie's best alternative use of the one hour it took to wait in queue.
c. is the revenue of 28 earned by the ticket agent.
d. is Ronnie's best alternative use of both 28 and the one hour spent in the queue.
e. cannot be measured because there is no opportunity cost associated with consumption.
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