Post Utme Coal City University 2023 Commerce Question 20

Practice objective / multiple choice question 20 from the 2023 Post Utme Coal City University Commerce examination.

Post Utme Coal City University 2023 Commerce Objective / Multiple Choice
Question 20 POST_UTME_COAL_CITY_UNIVERSITY • 2023 • COMMERCE • objective

The concept of specialization in production is closely related to the idea of comparative advantage. What is the main difference between the two?

Answer Options

A. Comparative advantage is about producing goods at a lower opportunity cost, while specialization is about producing a specific good.
Correct Answer B. Specialization is about producing a specific good, while comparative advantage is about producing goods at a lower opportunity cost.
C. Comparative advantage is about producing goods at a lower opportunity cost, while specialization is about producing a variety of goods.
D. Specialization is about producing a variety of goods, while comparative advantage is about producing goods at a lower opportunity cost.
Correct Answer
B
Correct Option:
Specialization is about producing a specific good, while comparative advantage is about producing goods at a lower opportunity cost.

About This Question

This is Post Utme Coal City University 2023 Commerce Question 20. It is one of the objective questions from the 2023 Post Utme Coal City University Commerce examination.

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