Questions On Economics - Assessment 1

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QUESTION 1

Mike, who just completed VCE, was chatting with a Tom and Tim over a cup of coffee. Mike told them that in the last few days he been thinking of taking either a gap year or working full time rather than going to University.  He said he eventually decided to go to University.

  1. Why is it not possible for Tom do all the three things at the same time?  1 Mark
  2. Define and explain the opportunity cost of Tom’s decision to go to University.  2 Marks
  3. Describe an occasion where the concept of opportunity cost applied to you.  1 Mark

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