Post Utme Coal City University 2017 Economics Question 21

Practice objective / multiple choice question 21 from the 2017 Post Utme Coal City University Economics examination.

Post Utme Coal City University 2017 Economics Objective / Multiple Choice
Question 21 POST_UTME_COAL_CITY_UNIVERSITY • 2017 • ECONOMICS • objective

The concept of scarcity 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 producing more of a particular good?

Answer Options

Correct Answer A. The opportunity \cost is the value of the next best alternative that is given up.
B. The opportunity \cost is the value of the next best alternative that is not produced.
C. The opportunity \cost is the value of the next best alternative that is consumed.
D. The opportunity \cost is the value of the next best alternative that is not consumed.
Correct Answer
A
Correct Option:
The opportunity \cost is the value of the next best alternative that is given up.

About This Question

This is Post Utme Coal City University 2017 Economics Question 21. It is one of the objective questions from the 2017 Post Utme Coal City University Economics examination.

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