Question 1
Which value does opportunity cost measure?
A
environmental damage
B
next best alternative forgone
C
output of labour
D
price paid
Question 2
[Maximum number: 1]
Which term describes the loss of potential benefit to a consumer when making a choice between alternatives?
A
opportunity cost
B
scarcity
C
shortage
D
the economic problem
A
Question 3
[Maximum number: 1]
A worker decides to leave their job as a bus driver and take a job as a lorry driver. What will increase the opportunity cost of this decision?
A
an increase in the holidays for lorry drivers
B
an increase in the income tax paid by bus drivers
C
an increase in the wages of bus drivers
D
an increase in the wages of lorry drivers
C
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