VCE Economics Practice Questions - VCE Economics (Units 3 & 4) Exam

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A farmer can use a 10-hectare field to grow either wheat or barley. If wheat yields $12,000 in net profit and barley yields $9,000, what is the opportunity cost of choosing to grow wheat?

The $12,000 net profit earned from wheat production. The $3,000 net difference in profit between the two crops. The combined $21,000 potential earnings of both crops. The $9,000 net profit foregone from barley production.

Correct Answer:

The $9,000 net profit foregone from barley production.

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