Micro

Introduction

Easy

A hypothetical economy has a piece of land which, in order of priority, can be used for building a school, a hospital, a factory and a residential complex. What is the opportunity cost of choosing the best alternative ?

A school

A hospital

A factory

A residential complex

✅ Correct Option: 2

Opportunity cost of choosing the best alternative is the value of the next best alternative forgone. Here the priority order is school, hospital, factory, residential complex. The best alternative is the school, so its opportunity cost equals the next best alternative forgone, which is the hospital.

2025: 30 May Shift 1

"Economics is the science of wealth". This statement was given by :-

2022: 15 July Shift 2

Match List I with List II

List I: Economic issue	List II: Refers to
A. Scarcity	I. Based on facts
B. Normative statement	II. Central problem of an economy
C. Positive statement	III. Problem of choice
D. What to produce	IV. Based on value judgment

Choose the correct answer from the options given below:

2025: 30 May Shift 1

The problem 'For whom to produce' is basically concerned with _______.

2026: 23 May Shift 1

Which one of the following statement is correct?

2025: 14 May Shift 1

The allocation of scarce resources and the distribution of the final goods and services are the _____ of any economy.

States problems
Consumption problems
Central problems
Production problems

2025: 22 May Shift 1

The scarcity of resources in the economy gives rise to the problem of............

A hypothetical economy has a piece of land which, in order of priority, can be used for building a school, a hospital, a factory and a residential complex. What is the opportunity cost of choosing the best alternative ?

Solution

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CUET Economics Past Year Questions (Topic-Wise)