Post Utme Lautech 2017 Economics Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Lautech Economics examination.

Post Utme Lautech 2017 Economics Objective / Multiple Choice
Question 31 POST_UTME_LAUTECH • 2017 • ECONOMICS • objective

The concept of scarcity is closely related to the concept of opportunity \cost. Explain how the opportunity \cost of a choice is determined and provide an example.

Answer Options

Correct Answer A. The opportunity \cost of a choice is determined by the next best alternative that is given up when a choice is made.
B. The opportunity \cost of a choice is determined by the total \cost of the choice.
C. The opportunity \cost of a choice is determined by the total revenue of the choice.
D. The opportunity \cost of a choice is determined by the total profit of the choice.
Correct Answer
A
Correct Option:
The opportunity \cost of a choice is determined by the next best alternative that is given up when a choice is made.

About This Question

This is Post Utme Lautech 2017 Economics Question 31. It is one of the objective questions from the 2017 Post Utme Lautech Economics examination.

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