Post Utme Achievers University 2022 Commerce Question 20

Practice objective / multiple choice question 20 from the 2022 Post Utme Achievers University Commerce examination.

Post Utme Achievers University 2022 Commerce Objective / Multiple Choice
Question 20 POST_UTME_ACHIEVERS_UNIVERSITY • 2022 • COMMERCE • objective

The concept of opportunity cost is closely related to the concept of scarcity. Explain how opportunity cost arises from scarcity.

Answer Options

Correct Answer A. Opportunity cost arises from the fact that resources are scarce and cannot be used for all possible uses.
B. Opportunity cost arises from the fact that resources are abundant and can be used for all possible uses.
C. Opportunity cost arises from the fact that resources are used for one purpose and not for another.
D. Opportunity cost arises from the fact that resources are not used at all.
Correct Answer
A
Correct Option:
Opportunity cost arises from the fact that resources are scarce and cannot be used for all possible uses.

About This Question

This is Post Utme Achievers University 2022 Commerce Question 20. It is one of the objective questions from the 2022 Post Utme Achievers University Commerce examination.

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