Post Utme Caleb University 2021 Economics Question 39

Practice objective / multiple choice question 39 from the 2021 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2021 Economics Objective / Multiple Choice

Question 39 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 in the context of agricultural production?

Answer Options

A. The \cost of producing a crop is the value of the land used to produce it.

B. The \cost of choo\sing one crop is the value of the next best crop that is given up.

C. The \cost of producing a crop is the value of the resources used to produce it plus the value of the crop itself.

D. The \cost of producing a crop is the value of the resources used to produce it.

Correct Answer

N/A

About This Question

This is Post Utme Caleb University 2021 Economics Question 39. It is one of the objective questions from the 2021 Post Utme Caleb University Economics examination.

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