Two friends, Diane and Sam, own and run a bar. Diane tends bar on Monday, Wednesday, and Friday and receives a wage in addition to tips. Sam tends bar on Tuesday, Thursday, and Saturday and receives only tips. Which of the following represents an implicit cost of operating the bar?
a. Diane's wage.
b. Sam's time.
c. Diane's tips.
d. Sam's tips.
e. Both Diane's and Sam's tips.
Question 2
Which of the following statements regarding the gross domestic product is true?
a. It is useful in comparing the overall performance of different economies at the same time.
b. It measures aggregate income in an economy over a period of ten years.
c. It measures the value of all goods and services produced in the world during a given period.
d. It is a measure of an economy's price level during a particular year.
e. It records the cumulative value of all goods and services produced by domestically owned factors of production.
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Ash Wednesday 2023