Post Utme Esut 2020 Commerce Question 26

Practice objective / multiple choice question 26 from the 2020 Post Utme Esut Commerce examination.

Post Utme Esut 2020 Commerce Objective / Multiple Choice
Question 26 POST_UTME_ESUT • 2020 • COMMERCE • objective

The concept of comparative advantage in international trade is based on the idea that countries should specialize in producing goods for which they have a lower opportunity cost. What is the opportunity cost of producing a good?

Answer Options

Correct Answer A. The cost of producing the good in terms of other goods that could be produced instead
B. The cost of producing the good in terms of the resources used to produce it
C. The cost of importing the good from another country
D. The cost of storing the good in a warehouse
Correct Answer
A
Correct Option:
The cost of producing the good in terms of other goods that could be produced instead

About This Question

This is Post Utme Esut 2020 Commerce Question 26. It is one of the objective questions from the 2020 Post Utme Esut Commerce examination.

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