A student decides to take up a two-year apprenticeship for which she will earn $10000 per year. After that, she expects to earn $25 000 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 power station was built to provide electricity to rural villages in Namibia. What was its opportunity cost?

What is most likely to reduce the supply of factors of production in an economy?

What is the cause of economic scarcity?

Which people are most likely to gain at a time of inflation?

What is likely to happen as a developing country becomes more developed?

Many developed countries are faced with an ageing population. What is the likely result of this?