Post Utme Abu 2022 Economics Question 11

Practice objective / multiple choice question 11 from the 2022 Post Utme Abu Economics examination.

Post Utme Abu 2022 Economics Objective / Multiple Choice
Question 11 POST_UTME_ABU • 2022 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is limited by the availability of resources, which can be allocated to other goods. This is an example of a trade-off between two goods. What is the opportunity \cost of producing more of good X?

Answer Options

A. The opportunity \cost is the value of the next best alternative good that could have been produced with the same resources.
Correct Answer B. The opportunity \cost is the value of the good that is given up when producing more of good X.
C. The opportunity \cost is the value of the good that is produced in excess of the demand.
D. The opportunity \cost is the value of the good that is not produced at all.
Correct Answer
B
Correct Option:
The opportunity \cost is the value of the good that is given up when producing more of good X.

About This Question

This is Post Utme Abu 2022 Economics Question 11. It is one of the objective questions from the 2022 Post Utme Abu Economics examination.

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