Post Utme Greenfield University 2019 Economics Question 1

Practice objective / multiple choice question 1 from the 2019 Post Utme Greenfield University Economics examination.

Post Utme Greenfield University 2019 Economics Objective / Multiple Choice
Question 1 POST_UTME_GREENFIELD_UNIVERSITY • 2019 • ECONOMICS • objective

The concept of opportunity \cost is closely related to the law of increa\sing opportunity \cost. Which of the following best describes the law of increa\sing opportunity \cost?

Answer Options

Correct Answer A. The law of increa\sing opportunity \cost states that as the quantity of a good increases, the opportunity \cost of producing one more unit of that good also increases.
B. The law of increa\sing opportunity \cost states that as the quantity of a good increases, the opportunity \cost of producing one more unit of that good remains cons\tant.
C. The law of increa\sing opportunity \cost states that as the quantity of a good increases, the opportunity \cost of producing one more unit of that good decreases.
D. The law of increa\sing opportunity \cost states that as the quantity of a good increases, the opportunity \cost of producing one more unit of that good becomes zero.
Correct Answer
A
Correct Option:
The law of increa\sing opportunity \cost states that as the quantity of a good increases, the opportunity \cost of producing one more unit of that good also increases.

About This Question

This is Post Utme Greenfield University 2019 Economics Question 1. It is one of the objective questions from the 2019 Post Utme Greenfield University Economics examination.

View More Post Utme Greenfield University 2019 Economics Questions More Post Utme Greenfield 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