Post Utme Elizade University 2025 Economics Question 23

Practice objective / multiple choice question 23 from the 2025 Post Utme Elizade University Economics examination.

Post Utme Elizade University 2025 Economics Objective / Multiple Choice
Question 23 POST_UTME_ELIZADE_UNIVERSITY • 2025 • ECONOMICS • objective

The concept of opportunity \cost is closely related to the concept of scarcity. In a situation where a country has to choose between producing wheat and producing rice, what is the opportunity \cost of producing one unit of wheat?

Answer Options

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

About This Question

This is Post Utme Elizade University 2025 Economics Question 23. It is one of the objective questions from the 2025 Post Utme Elizade University Economics examination.

View More Post Utme Elizade University 2025 Economics Questions More Post Utme Elizade University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support