Steven lives in a big city where there is a shortage of parking. He has a parking spot in his driveway where he parks his car. Which of the following statements is most correct?
A) The opportunity cost of using the spot is zero, because Steven owns the house.
B) Steven has a lower opportunity cost of owning a car than his neighbor, who must rent a parking spot.
C) The opportunity cost of using the parking spot is the price he could charge someone else for using the spot.
D) The opportunity cost depends on how much Steven's mortgage payment is.
Question 2
The population of Potentia doubled within 20 years while its income per capita remained unchanged during the same period of time. This implies that ________.
A) its price level doubled B) its gross domestic product also doubled
C) its price level halved D) its gross domestic product remained constant
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