Post Utme Lead City University 2020 Commerce Question 1

Practice objective / multiple choice question 1 from the 2020 Post Utme Lead City University Commerce examination.

Post Utme Lead City University 2020 Commerce Objective / Multiple Choice
Question 1 POST_UTME_LEAD_CITY_UNIVERSITY • 2020 • 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. What is the opportunity cost of producing a good?

Answer Options

Correct Answer A. The value of the good in terms of other goods that could be produced instead
B. The cost of producing the good in terms of labor and resources
C. The price of the good in the market
D. The quantity of the good produced
Correct Answer
A
Correct Option:
The value of the good in terms of other goods that could be produced instead

About This Question

This is Post Utme Lead City University 2020 Commerce Question 1. It is one of the objective questions from the 2020 Post Utme Lead City University Commerce examination.

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