O-LevelEconomicsThe basic economic problem2281/12 · May/June 2020 · Q31 Mark

A student decides to take up a two year apprenticeship for which she will earn $10000 per year. After that she expects to earn $25000 per year. She could take an unskilled job which pays $16000 per year instead of the apprenticeship. What is the opportunity cost in the two years of completing the apprenticeship?

A$10000

B$12000

C$25000

D$32000

✓ Correct answer

B: $12000

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Topic: The basic economic problem, O-Level Economics (syllabus 2281). Multiple choice, 1 mark.
Source: O-Level Economics, May/June 2020 Paper 1 Variant 2, question 3.

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