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1.2 The basic economic problem

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Question 28

A town builds a flood barrier instead of a public park. Which statement correctly identifies the opportunity cost?

[1]
A

It is the value of the benefits the public park would have provided

B

It is the construction cost of the flood barrier only

C

It is the value of the barrier plus the value of the park

D

There is no opportunity cost because both projects benefit residents

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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