Post Utme Delsu 2021 Economics Question 26

Practice objective / multiple choice question 26 from the 2021 Post Utme Delsu Economics examination.

Post Utme Delsu 2021 Economics Objective / Multiple Choice

Question 26 POST_UTME_DELSU • 2021 • ECONOMICS • objective

The concept of opportunity \cost is closely related to the law of scarcity. Explain how the law of scarcity leads to opportunity \cost, u\sing a numerical example.

A. The law of scarcity leads to opportunity \cost because it forces individuals to make choices between different goods and services.

Correct Answer B. The law of scarcity leads to opportunity \cost because it results in the allocation of resources to their most valuable uses.

C. The law of scarcity leads to opportunity \cost because it causes the value of one good to increase as the quantity of another good decreases.

D. The law of scarcity leads to opportunity \cost because it results in the production of goods and services that are not in high demand.

Correct Answer

Correct Option:

The law of scarcity leads to opportunity \cost because it results in the allocation of resources to their most valuable uses.

This is Post Utme Delsu 2021 Economics Question 26. It is one of the objective questions from the 2021 Post Utme Delsu Economics examination.

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