Post Utme Oau 2020 Economics Question 11

Practice objective / multiple choice question 11 from the 2020 Post Utme Oau Economics examination.

Post Utme Oau 2020 Economics Objective / Multiple Choice
Question 11 POST_UTME_OAU • 2020 • ECONOMICS • objective

The concept of scarcity implies that the wants of an individual or society are unlimited, but the resources available to satisfy these wants are limited. This leads to the necessity of making choices. What is the opportunity \cost of choo\sing to sp\end more on education, rather than on entertainment?

Answer Options

A. The opportunity \cost is the amount of money that could have been spent on entertainment.
B. The opportunity \cost is the amount of time that could have been spent on entertainment.
Correct Answer C. The opportunity \cost is the amount of money that could have been spent on other goods and services.
D. The opportunity \cost is the amount of time that could have been spent on other activities.
Correct Answer
C
Correct Option:
The opportunity \cost is the amount of money that could have been spent on other goods and services.

About This Question

This is Post Utme Oau 2020 Economics Question 11. It is one of the objective questions from the 2020 Post Utme Oau Economics examination.

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