A university laboratory has one unused testing day. It can test a solar panel, a water filter or a bicycle helmet, and whichever test it runs will use £1,500 of materials. The research director chooses the solar panel. Her second choice would have been the bicycle helmet, which she ranks above the water filter.
What is the opportunity cost of testing the solar panel?
the water filter test
the £1,500 spent on materials
the solar panel test
the bicycle helmet test
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.