Economic Awareness - Sectors of Indian Economy
If a government allocates more funds to healthcare instead of education, the opportunity cost is:
If a government allocates more funds to healthcare instead of education, the opportunity cost is:
medium Q4 of 15
Step-by-Step Solution
Step 1: Understand opportunity cost in public finance
Opportunity cost is the value of the next best alternative foregone when a choice is made.Step 2: Apply to government spending
Choosing healthcare over education means the opportunity cost is the benefits foregone from not investing in education.Final Answer:
The benefits foregone from not investing in education → Option BQuick Check:
Opportunity cost = benefits foregone from next best alternative ✅
Quick Trick: Opportunity cost is what is sacrificed, not what is spent.
Common Mistakes:
MISTAKES- Confusing opportunity cost with actual expenditure or total budget.
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