Question 21
POST_UTME_ABU
•
2019
•
ECONOMICS
•
objective
The concept of scarcity in economics implies that the wants and needs of individuals are unlimited, while the resources available to satisfy these wants and needs are limited. What is the opportunity \cost of producing more food in Nigeria?
Answer Options
A.
The opportunity \cost is the value of the next best alternative use of resources.
Correct Answer
B.
The opportunity \cost is the value of the next best alternative use of resources, which is the value of the food that could have been produced instead.
C.
The opportunity \cost is the value of the next best alternative use of resources, which is the value of the food that could have been produced instead, and the value of the resources used to produce the food.
D.
The opportunity \cost is the value of the next best alternative use of resources, which is the value of the food that could have been produced instead, and the value of the resources used to produce the food, and the value of the time spent producing the food.
Correct Answer
B
Correct Option:
The opportunity \cost is the value of the next best alternative use of resources, which is the value of the food that could have been produced instead.
About This Question
This is
Post Utme Abu
2019
Economics
Question 21.
It is one of the
objective
questions from the
2019
Post Utme Abu
Economics
examination.