Post Utme Babcock University 2019 Economics Question 26

Practice objective / multiple choice question 26 from the 2019 Post Utme Babcock University Economics examination.

Post Utme Babcock University 2019 Economics Objective / Multiple Choice
Question 26 POST_UTME_BABCOCK_UNIVERSITY • 2019 • 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. This is an example of a trade-off between two goods. What is the opportunity \cost of producing one unit of good A?

Answer Options

Correct Answer A. The opportunity \cost is the value of the next best alternative good that is given up.
B. The opportunity \cost is the value of the next best alternative good that is not produced.
C. The opportunity \cost is the value of the next best alternative good that is consumed.
D. The opportunity \cost is the value of the next best alternative good that is not available.
Correct Answer
A
Correct Option:
The opportunity \cost is the value of the next best alternative good that is given up.

About This Question

This is Post Utme Babcock University 2019 Economics Question 26. It is one of the objective questions from the 2019 Post Utme Babcock University Economics examination.

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