Post Utme Futo 2020 Economics Question 1

Practice objective / multiple choice question 1 from the 2020 Post Utme Futo Economics examination.

Post Utme Futo 2020 Economics Objective / Multiple Choice
Question 1 POST_UTME_FUTO • 2020 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is limited by the availability of resources that could be used to produce other goods. Which of the following is a correct statement about the opportunity \cost of producing one good?

Answer Options

Correct Answer A. The opportunity \cost is the value of the next best alternative good that could have been produced with the same resources.
B. The opportunity \cost is the value of the next best alternative good that could have been consumed with the same resources.
C. The opportunity \cost is the value of the next best alternative good that could have been produced with the same resources, but not consumed.
D. The opportunity \cost is the value of the next best alternative good that could have been consumed with the same resources, but not produced.
Correct Answer
A
Correct Option:
The opportunity \cost is the value of the next best alternative good that could have been produced with the same resources.

About This Question

This is Post Utme Futo 2020 Economics Question 1. It is one of the objective questions from the 2020 Post Utme Futo Economics examination.

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