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How are money cost and opportunity cost related to each other? Question 2 options: If markets function well, they are closely related. They are always identical in any economic system. Opportunity cost always exceeds money cost. Money cost is less than or equal to opportunity cost. In a market economy, they are always equal to each other. A demand schedule shows Question 3 options: the "market potential" for a product. how much consumers are willing and able to buy at different prices. possible combinations of output under different conditions. how much producers would like to sell at different prices. All ofthe above are correct. Economics Question 4 options: is a narrowly focused discipline. is a broad-ranging discipline. concerns itself only with the US. economy. says little about "even/day life." deals with minor problems. Real GDP differs from nominal GDP in that nominal GDP measures Question 5 options: output adjusted for inflation. real output of goods and services. output of goods and services at current prices. real income adjusted for changes in the price level. Nominal GDP is Question 6 options: also called real GDP. a more accurate measure than real GDP. real GDP adjusted for changes in the price level. GDP measured in current prices. ls GDP an accurate measure of a country's well being? Question 7 options: Yes, it is the best measure of national well being. Yes, provided we use real GDP and not nominal GDP. The answer is uncertain, depending on whether GDP is rising or falling. No, it is not