Post Utme Igbinedion University 2022 Commerce Question 11

Practice objective / multiple choice question 11 from the 2022 Post Utme Igbinedion University Commerce examination.

Post Utme Igbinedion University 2022 Commerce Objective / Multiple Choice
Question 11 POST_UTME_IGBINEDION_UNIVERSITY • 2022 • 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. Which of the following statements best describes the opportunity cost of a country?

Answer Options

A. The amount of money a country spends on imports
Correct Answer B. The amount of time a country spends on producing a good
C. The amount of resources a country allocates to a particular industry
D. The amount of goods a country produces in excess of its domestic demand
Correct Answer
B
Correct Option:
The amount of time a country spends on producing a good

About This Question

This is Post Utme Igbinedion University 2022 Commerce Question 11. It is one of the objective questions from the 2022 Post Utme Igbinedion University Commerce examination.

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