Opportunity costs:
a. only include explicit costs paid out-of-pocket.
b. never involve costs paid out-of-pocket.
c. may or may not involve costs paid out-of-pocket.
d. are always measured in terms of time.
Question 2
If Jim pays 1000 to John:
a. GDP will increase by 1000.
b. GDP will increase, but we cannot determine by what amount.
c. nominal GDP will increase, but we cannot be sure if real GDP will increase or decrease.
d. we need more information in order to determine whether or how much GDP will change.
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