Post Utme Nile University 2024 Economics Question 36

Practice objective / multiple choice question 36 from the 2024 Post Utme Nile University Economics examination.

Post Utme Nile University 2024 Economics Objective / Multiple Choice
Question 36 POST_UTME_NILE_UNIVERSITY • 2024 • ECONOMICS • objective

The concept of scarcity is closely related to the idea of opportunity \cost. Explain how the opportunity \cost of a choice is determined by the scarcity of resources.

Answer Options

Correct Answer A. The opportunity \cost of a choice is determined by the scarcity of resources by considering the next best alternative.
B. The opportunity \cost of a choice is determined by the scarcity of resources by considering the \cost of the next best alternative.
C. The opportunity \cost of a choice is determined by the scarcity of resources by considering the benefit of the next best alternative.
D. The opportunity \cost of a choice is determined by the scarcity of resources by considering the time required to produce the next best alternative.
Correct Answer
A
Correct Option:
The opportunity \cost of a choice is determined by the scarcity of resources by considering the next best alternative.

About This Question

This is Post Utme Nile University 2024 Economics Question 36. It is one of the objective questions from the 2024 Post Utme Nile University Economics examination.

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