Post Utme Osustech 2023 Commerce Question 21

Practice objective / multiple choice question 21 from the 2023 Post Utme Osustech Commerce examination.

Post Utme Osustech 2023 Commerce Objective / Multiple Choice
Question 21 POST_UTME_OSUSTECH • 2023 • 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 compared to other countries. What is the opportunity cost of producing a good?

Answer Options

Correct Answer A. The cost of producing the good in terms of other goods that could have been produced instead
B. The cost of producing the good in terms of the resources used to produce it
C. The cost of importing the good from another country
D. The cost of storing the good in a warehouse
Correct Answer
A
Correct Option:
The cost of producing the good in terms of other goods that could have been produced instead

About This Question

This is Post Utme Osustech 2023 Commerce Question 21. It is one of the objective questions from the 2023 Post Utme Osustech Commerce examination.

View More Post Utme Osustech 2023 Commerce Questions More Post Utme Osustech Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support