A measure of the change in the stock of real and financial assets held by a country's residents in a foreign country and by foreigners in the given country is called the:

Opportunity cost:

a. applies only to consumption decisions. b. applies only to production decisions. c. is the same as monetary costs. d. exists because of scarcity. e. is irrelevant for wealthy economies.

Suppose the total market value of all final goods and services produced in economy X this year is $4 million. Of the $4 million worth of goods and services, $3 million is sold and $1 million is held in inventory. For this year, the GDP for economy X is

A) $4 million. B) $3 million. C) $1 million. D) $7 million. E) none of the above