Economics · May / June 2018 · Paper 11 · Question 1
2281Opportunity cost
The Norwegian government chose to spend the profits from oil on stocks, bonds and property. The possibility of improving domestic infrastructure, therefore, was not taken. Which economic concept does this best illustrate?
- Acost of production
- Bfinite resources
- Copportunity cost
- Dproduction possibility frontier
As printed in the paper
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Correct answer: C. opportunity cost
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