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1.1.3 The economic problem

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Question 5

A municipal authority allocates £12 million of its annual budget to constructing a new public park rather than upgrading its cycling infrastructure.

With reference to this decision, define the term 'opportunity cost'.

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Markscheme

1.1.3 The economic problem Questions

  1. A Level
  2. /Economics
  3. /1.1.3 The economic problem

17 exam-style questions on Edexcel A A Level Economics 1.1.3 The economic problem. Each one has a worked solution and a mark scheme showing where the marks go.

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