European Baccalaureate Economics Practice Questions - European Baccalaureate Economics Exam

What is the primary definition of opportunity cost in economic decision-making?

The value of the next best alternative forgone when a choice is made The total financial expenditure incurred in purchasing a good or service The accounting cost minus any indirect tax paid to the government The average cost of producing one additional unit of output

Correct Answer:

The value of the next best alternative forgone when a choice is made

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