Ronnie Waits One Hour in Queue to Buy a Ticket

question 34

Multiple Choice

Ronnie waits one hour in queue to buy a ticket to a rock concert. The opportunity cost of buying the $28 ticket:

• A)is Ronnie's best alternative use of the sum of $28 spent on the ticket.
• B)is Ronnie's best alternative use of the one hour it took to wait in queue.
• C)is the revenue of $28 earned by the ticket agent.
• D)is Ronnie's best alternative use of both $28 and the one hour spent in the queue.
• E)cannot be measured because there is no opportunity cost associated with consumption.

---

Definitions:

Expenditures

The total amount of money spent by an individual, firm, or government on goods and services.

Income

The earnings acquired, often periodically, for performing job duties or from investment gains.

Net Exports

The value of a country's total exports minus its total imports, representing the net amount of goods and services being traded with other countries.

GDP Deflator

An indicator used to determine the price levels of newly produced domestic final goods and services, assisting in the conversion of nominal GDP to real GDP.