Post Utme Caleb University 2023 Commerce Question 16

Practice objective / multiple choice question 16 from the 2023 Post Utme Caleb University Commerce examination.

Post Utme Caleb University 2023 Commerce Objective / Multiple Choice
Question 16 POST_UTME_CALEB_UNIVERSITY • 2023 • COMMERCE • objective

The concept of comparative advantage in international trade suggests that countries should specialize in producing goods for which they have a lower opportunity cost. What is the opportunity cost of producing a good?

Answer Options

Correct Answer A. The value of the good in terms of other goods that could be produced instead
B. The cost of producing the good in terms of labor and resources
C. The price of the good in the international market
D. The quantity of the good produced
Correct Answer
A
Correct Option:
The value of the good in terms of other goods that could be produced instead

About This Question

This is Post Utme Caleb University 2023 Commerce Question 16. It is one of the objective questions from the 2023 Post Utme Caleb University Commerce examination.

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