Post Utme Ims U 2022 Commerce Question 29

Practice objective / multiple choice question 29 from the 2022 Post Utme Ims U Commerce examination.

Post Utme Ims U 2022 Commerce Objective / Multiple Choice
Question 29 POST_UTME_IMS_U • 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 that specializes in producing a good?

Answer Options

Correct Answer A. The opportunity cost is the value of the next best alternative use of the resources
B. The opportunity cost is the value of the next best alternative use of the resources, but only in terms of the good being produced
C. The opportunity cost is the value of the next best alternative use of the resources, but only in terms of the resources being used
D. The opportunity cost is the value of the next best alternative use of the resources, but only in terms of the good being produced and the resources being used
Correct Answer
A
Correct Option:
The opportunity cost is the value of the next best alternative use of the resources

About This Question

This is Post Utme Ims U 2022 Commerce Question 29. It is one of the objective questions from the 2022 Post Utme Ims U Commerce examination.

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