Post Utme Afe Babalola University 2017 Economics Question 16

Practice objective / multiple choice question 16 from the 2017 Post Utme Afe Babalola University Economics examination.

Post Utme Afe Babalola University 2017 Economics Objective / Multiple Choice
Question 16 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2017 • ECONOMICS • objective

The concept of scarcity in economics implies that resources are limited, and choices must be made to allocate them efficiently. Which of the following best describes the opportunity \cost of a choice?

Answer Options

Correct Answer A. The value of the next best alternative that is given up when a choice is made
B. The \cost of producing a good or service
C. The price of a good or service
D. The quantity of a good or service produced
Correct Answer
A
Correct Option:
The value of the next best alternative that is given up when a choice is made

About This Question

This is Post Utme Afe Babalola University 2017 Economics Question 16. It is one of the objective questions from the 2017 Post Utme Afe Babalola University Economics examination.

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