Post Utme Lasu 2024 Economics Question 11

Practice objective / multiple choice question 11 from the 2024 Post Utme Lasu Economics examination.

Post Utme Lasu 2024 Economics Objective / Multiple Choice
Question 11 POST_UTME_LASU • 2024 • ECONOMICS • 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

Correct Answer A. The value of the next best alternative use of resources
B. The quantity of a good that a country is willing to give up in order to produce another good
C. The price of a good that a country is willing to pay for another good
D. The quantity of a good that a country is willing to produce in order to meet domestic demand
Correct Answer
A
Correct Option:
The value of the next best alternative use of resources

About This Question

This is Post Utme Lasu 2024 Economics Question 11. It is one of the objective questions from the 2024 Post Utme Lasu Economics examination.

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