It Usually Takes Less Time to Buy a Six-Pack of 7-Up,a

question 71

Multiple Choice

It usually takes less time to buy a six-pack of 7-Up,a loaf of bread,and a half-gallon of ice cream at a small convenience store (such as a 7-Eleven) than at a large,full-service grocery store.Which of the following persons is most likely to buy these items at a convenience store?

• A) a person with high opportunity cost of time
• B) a person with low opportunity cost of time
• C) a person who is out of work
• D) There is not enough information to answer the question.

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Definitions:

Inflation

The pace of ascent in the general pricing for goods and services, eroding the capability to buy.

Expansionary Gap

A situation where the actual output in an economy exceeds the potential output, typically leading to inflation.

Coordination

The process of organizing people or groups so that they work together properly and well.

Workers

Individuals engaged in any form of employment or labor, contributing their skills and efforts in exchange for compensation.