The opportunity cost of an action is always equal to: a. the ...

[Lisaclaire]

The opportunity cost of an action is always equal to:
 a. the monetary expense incurred as a result of the action.
 b. the value of any alternative use of the time expended on the action.
  c. the highest valued alternatives sacrificed as a result of the action.
  d. the sum of the benefits received as a result of the action.

Question 2

The total dollar value of purchases in the economy is far larger than GDP primarily because:
 a. GDP ignores taxes.
 b. GDP excludes the value of intermediate goods exchanged.
 c. GDP excludes the output from foreigners working in America.
  d. GDP ignores production in the home

[janieazgirl]

Answer to Question 1

c

Answer to Question 2

b