Post Utme Lead City University 2017 Economics Question 6

Practice objective / multiple choice question 6 from the 2017 Post Utme Lead City University Economics examination.

Post Utme Lead City University 2017 Economics Objective / Multiple Choice
Question 6 POST_UTME_LEAD_CITY_UNIVERSITY • 2017 • ECONOMICS • objective

The opportunity \cost of producing one more unit of a good is the amount of another good that must be given up in order to produce that unit. This concept is closely related to the law of increa\sing opportunity \costs, which states that as the production of a good increases, the opportunity \cost of producing one more unit of that good also increases. Which of the following statements best describes the law of increa\sing opportunity \costs?

Answer Options

A. The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit of that good decreases.
B. The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit of that good remains cons\tant.
Correct Answer C. The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit of that good also increases.
D. The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit of that good decreases and then increases.
Correct Answer
C
Correct Option:
The law of increa\sing opportunity \costs states that as the production of a good increases, the opportunity \cost of producing one more unit of that good also increases.

About This Question

This is Post Utme Lead City University 2017 Economics Question 6. It is one of the objective questions from the 2017 Post Utme Lead City University Economics examination.

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