Post Utme Achievers University 2018 Economics Question 23

Practice objective / multiple choice question 23 from the 2018 Post Utme Achievers University Economics examination.

Post Utme Achievers University 2018 Economics Objective / Multiple Choice

Question 23 POST_UTME_ACHIEVERS_UNIVERSITY • 2018 • ECONOMICS • objective

The concept of opportunity \cost is closely related to the concept of scarcity. Which of the following is a correct example of opportunity \cost?

Answer Options

A. The \cost of producing a good is the price of the resources used to produce it.

B. The \cost of producing a good is the price of the good itself.

Correct Answer C. The \cost of producing a good is the next best alternative that could have been produced with the same resources.

D. The \cost of producing a good is the \cost of the resources used to produce it plus the \cost of the good itself.

Correct Answer

Correct Option:

The \cost of producing a good is the next best alternative that could have been produced with the same resources.

About This Question

This is Post Utme Achievers University 2018 Economics Question 23. It is one of the objective questions from the 2018 Post Utme Achievers University Economics examination.

View More Post Utme Achievers University 2018 Economics Questions More Post Utme Achievers University 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