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1.1 Economic methodology and the economic problem

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Question 74

Which one of the following best describes the concept of opportunity cost?

A

The financial expenditure required to purchase a chosen consumer good.

B

The loss of output caused by inefficiently allocating scarce raw materials.

C

The value of the next best alternative that is sacrificed when a choice is made.

D

The difference between the market price of a good and the cost to produce it.

Markscheme

1.1 Economic methodology and the economic problem Questions

  1. A Level
  2. /Economics
  3. /1.1 Economic methodology and the economic problem

123 exam-style questions on AQA A Level Economics 1.1 Economic methodology and the economic problem, covering 1.1.1 Economic methodology, 1.1.2 The nature and purpose of economic activity, 1.1.3 Economic resources, 1.1.4 Scarcity, choice and the allocation of resources, and 1.1.5 Production possibility diagrams. Each one has a worked solution and a mark scheme showing where the marks go.

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