Post Utme Elizade University 2025 Economics Question 21

Practice objective / multiple choice question 21 from the 2025 Post Utme Elizade University Economics examination.

Post Utme Elizade University 2025 Economics Objective / Multiple Choice
Question 21 POST_UTME_ELIZADE_UNIVERSITY • 2025 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is limited by the availability of resources, which can be used to produce other goods. This is an example of a trade-off between two goods, where the production of one good is sacrificed for the production of another. What is the opportunity \cost of producing one unit of wheat in a country where the production of wheat is limited by the availability of water?

Answer Options

Correct Answer A. The opportunity \cost is the amount of water that could have been used to produce one unit of wheat.
B. The opportunity \cost is the amount of land that could have been used to produce one unit of wheat.
C. The opportunity \cost is the amount of labor that could have been used to produce one unit of wheat.
D. The opportunity \cost is the amount of capital that could have been used to produce one unit of wheat.
Correct Answer
A
Correct Option:
The opportunity \cost is the amount of water that could have been used to produce one unit of wheat.

About This Question

This is Post Utme Elizade University 2025 Economics Question 21. It is one of the objective questions from the 2025 Post Utme Elizade University Economics examination.

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