Post Utme Abu 2022 Economics Question 16

Practice objective / multiple choice question 16 from the 2022 Post Utme Abu Economics examination.

Post Utme Abu 2022 Economics Objective / Multiple Choice
Question 16 POST_UTME_ABU • 2022 • ECONOMICS • objective

The concept of national income accounting in economics implies that the value of goods and services produced within a country is measured by the Gross Domestic Product (GDP). What is the opportunity \cost of increa\sing the GDP?

Answer Options

A. The opportunity \cost is the value of the resources that could have been used for other purposes.
B. The opportunity \cost is the value of the labor that could have been used for other tasks.
Correct Answer C. The opportunity \cost is the value of the goods that could have been produced with the same resources.
D. The opportunity \cost is the value of the land that could have been used for other crops.
Correct Answer
C
Correct Option:
The opportunity \cost is the value of the goods that could have been produced with the same resources.

About This Question

This is Post Utme Abu 2022 Economics Question 16. It is one of the objective questions from the 2022 Post Utme Abu Economics examination.

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