Post Utme Noun 2022 Economics Question 21

Practice objective / multiple choice question 21 from the 2022 Post Utme Noun Economics examination.

Post Utme Noun 2022 Economics Objective / Multiple Choice
Question 21 POST_UTME_NOUN • 2022 • ECONOMICS • objective

The concept of scarcity implies that the needs and wants of individuals are unlimited, while the resources available to satisfy these needs and wants are limited. What is the opportunity \cost of choo\sing to produce more of a good that is in high demand, when the resources required to produce it are scarce?

Answer Options

Correct Answer A. The opportunity \cost is the value of the next best alternative foregone.
B. The opportunity \cost is the value of the next best alternative foregone, in terms of the good that is being produced.
C. The opportunity \cost is the value of the next best alternative foregone, in terms of the resources required to produce the good.
D. The opportunity \cost is the value of the next best alternative foregone, in terms of the good that is being produced, and the resources required to produce it.
Correct Answer
A
Correct Option:
The opportunity \cost is the value of the next best alternative foregone.

About This Question

This is Post Utme Noun 2022 Economics Question 21. It is one of the objective questions from the 2022 Post Utme Noun Economics examination.

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