A student has a chance to see Taylor Swift in concert. The student also has a major economics exam in the morning. If the student goes to the concert:
a. she may receive a lower grade on the economics exam.
b. the opportunity cost of the concert includes the value of the time that would otherwise have been spent studying.
c. the decision involves a tradeoff.
d. all of the above are correct.
Question 2
The era of Prohibition began in 1920 when the Volstead Act was passed to implement the Eighteenth Amendment to the Constitution, which prohibited the production and sale of liquor and beer. In 1920 much of this activity went underground, and Al Capone became a leading illegal entrepreneur. Assuming the amount of liquor and beer produced stayed the same, what was the effect of the Volstead Act on the GDP in 1920?
a. GDP would have declined, since activities in the underground economy are not included.
b. GDP would have remained the same, since only the organization producing the goods changed.
c. GDP would have increased, because production in the underground economy increased.
d. Real GDP would have increased, while nominal GDP would have decreased.
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