ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In recent years more golf courses, which use large quantities of water, have opened in China. What is the opportunity cost of this?
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cost of water
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loss of farmland
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sales of golf equipment
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wages of golf course staff
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Explanation:
Detailed explanation-1: -The correct answer is b. Benefits foregone by not choosing an alternative course of action.
Detailed explanation-2: -Size and composition of the family: In a small family saving will be more due to less expenditure. If there are more members in a family, then the surplus will be less which affect the saving of that family. The age and the sex of the members also affect saving.
Detailed explanation-3: -A mixed economy may emerge when a government intervenes to disrupt free markets by introducing state-owned enterprises (such as public health or education systems), regulations, subsidies, tariffs, and tax policies.
There is 1 question to complete.