Ryan lives in an apartment where he pays $7,000 a year in rent. Sarah lives in a house that could be rented for $21,000 a year. How much do these housing services contribute to GDP?

The "gifts of nature" are included as part of which factor of production?

A) labor B) land C) capital D) entrepreneurship

Opportunity cost of an activity

a. Is known to all parties b. Cannot be measured in dollar terms c. May include both monetary costs and foregone incomes d. Is known with all certainty