Post Utme Bowen University 2024 Economics Question 37

Practice objective / multiple choice question 37 from the 2024 Post Utme Bowen University Economics examination.

Post Utme Bowen University 2024 Economics Objective / Multiple Choice
Question 37 POST_UTME_BOWEN_UNIVERSITY • 2024 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is at the expense of another. Which of the following is a correct statement regarding the opportunity \cost of a choice?

Answer Options

A. The opportunity \cost of a choice is the value of the next best alternative.
B. The opportunity \cost of a choice is the value of the next best alternative, but only if it is chosen.
C. The opportunity \cost of a choice is the value of the next best alternative, but only if it is not chosen.
Correct Answer D. The opportunity \cost of a choice is the value of the next best alternative, regardless of whether it is chosen or not.
Correct Answer
D
Correct Option:
The opportunity \cost of a choice is the value of the next best alternative, regardless of whether it is chosen or not.

About This Question

This is Post Utme Bowen University 2024 Economics Question 37. It is one of the objective questions from the 2024 Post Utme Bowen University Economics examination.

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