Post Utme Abu 2022 Economics Question 17

Practice objective / multiple choice question 17 from the 2022 Post Utme Abu Economics examination.

Post Utme Abu 2022 Economics Objective / Multiple Choice
Question 17 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. 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 17. It is one of the objective questions from the 2022 Post Utme Abu Economics examination.

View More Post Utme Abu 2022 Economics Questions More Post Utme Abu Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support