Post Utme Ims U 2018 Commerce Question 21

Practice objective / multiple choice question 21 from the 2018 Post Utme Ims U Commerce examination.

Post Utme Ims U 2018 Commerce Objective / Multiple Choice
Question 21 POST_UTME_IMS_U • 2018 • 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 producing a good?

Answer Options

Correct Answer A. The amount of another good that could be produced with the same resources
B. The amount of labor required to produce the good
C. The amount of capital required to produce the good
D. The amount of time required to produce the good
Correct Answer
A
Correct Option:
The amount of another good that could be produced with the same resources

About This Question

This is Post Utme Ims U 2018 Commerce Question 21. It is one of the objective questions from the 2018 Post Utme Ims U Commerce examination.

View More Post Utme Ims U 2018 Commerce Questions More Post Utme Ims U 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