Post Utme Bsu 2018 Economics Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Bsu Economics examination.

Post Utme Bsu 2018 Economics Objective / Multiple Choice
Question 1 POST_UTME_BSU • 2018 • ECONOMICS • objective

The concept of scarcity in economics implies that the wants and needs of individuals are unlimited, but the resources available to satisfy these wants and needs are limited. 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 benefit of a choice.
D. The profit made from a choice.
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 Bsu 2018 Economics Question 1. It is one of the objective questions from the 2018 Post Utme Bsu Economics examination.

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