"If I Didn't Have a Date Tonight, I Could Save

question 39

Multiple Choice

"If I didn't have a date tonight, I could save $40 and spend this evening out with my friends." The opportunity cost of the date is

• A) $40.
• B) $40 plus the cost of forgoing a night out with friends.
• C) dependent on how pleasant a time one has on the date.
• D) the cost of forgoing a night with friends.

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Definitions:

Inflation

The increment in the overall cost metrics for goods and services, diluting the currency's purchasing strength.

NDP

Net Domestic Product, an economic indicator measuring the total value of all goods and services produced within a country in a year, minus depreciation.

National Income

The total monetary value of all goods and services produced by a country's economy over a specific time period, excluding income earned abroad.

GDP

Gross Domestic Product, abbreviated as GDP, embodies the total market and monetary worth of all products and services that are finalized within a country's borders throughout a defined period.