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1.2 The basic economic problem

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Question 12

A coastal museum has one gallery available for a special exhibition. The estimated net benefit of each exhibition is shown in the table.

ExhibitionEstimated net benefit
Local photography£12,400
Maritime history£15,800
Science discovery£14,100

The museum chooses the maritime history exhibition. Which statement is correct?

[1]
A

The opportunity cost is the estimated net benefit of the local photography exhibition

B

The opportunity cost is the estimated net benefit of the science discovery exhibition

C

The opportunity cost is the estimated net benefit of the maritime history exhibition

D

The opportunity cost is the estimated net benefit of the local photography and science discovery exhibitions

Markscheme

1.2 The basic economic problem Questions

  1. GCSE
  2. /Economics
  3. /1.2 The basic economic problem

77 exam-style questions on OCR GCSE Economics 1.2 The basic economic problem, covering 1.2.1 Scarce resources and unlimited wants, 1.2.2 The economic problem, 1.2.3 Opportunity cost, and 1.2.4 Costs and benefits of economic choices. Each one has a worked solution and a mark scheme showing where the marks go.

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