Post Utme Caleb University 2021 Economics Question 34

Practice objective / multiple choice question 34 from the 2021 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2021 Economics Objective / Multiple Choice
Question 34 POST_UTME_CALEB_UNIVERSITY • 2021 • ECONOMICS • objective

The concept of opportunity \cost in economics implies that the \cost of choo\sing one option is the value of the next best alternative that is given up. Which of the following is an example of opportunity \cost?

Answer Options

A. The \cost of producing a good is the value of the resources used to produce it.
Correct Answer B. The \cost of choo\sing one option is the value of the next best alternative that is given up.
C. The \cost of producing a good is the value of the good itself.
D. The \cost of producing a good is the value of the resources used to produce it plus the value of the good itself.
Correct Answer
B
Correct Option:
The \cost of choo\sing one option is the value of the next best alternative that is given up.

About This Question

This is Post Utme Caleb University 2021 Economics Question 34. It is one of the objective questions from the 2021 Post Utme Caleb University Economics examination.

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