CAIE A-Level Economics AS 1.1.3 Opportunity Cost Questions

Practise identifying and explaining the next-best alternative forgone when consumers, firms and governments make choices using CAIE Economics AS questions.

Exam points

Explain opportunity cost as the benefit of the next-best alternative forgone when a choice is made.

[Maximum number: 1]

A worker earns $ 40 per hour. Rather than work, she decides to visit a museum for three hours. The visit costs a total of $40.

What is the opportunity cost of visiting the museum?

$ 40

$ 80

$ 120

$ 160

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CAIE A-Level Economics AS 1.1.3 Opportunity Cost Questions question 1