Post Utme Osustech 2025 Economics Question 11

Practice objective / multiple choice question 11 from the 2025 Post Utme Osustech Economics examination.

Post Utme Osustech 2025 Economics Objective / Multiple Choice
Question 11 POST_UTME_OSUSTECH • 2025 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is limited by the availability of resources that could be used to produce another good. Which of the following is a correct statement regarding the opportunity \cost of producing a good?

Answer Options

Correct Answer A. The opportunity \cost is the value of the next best alternative that is given up when a choice is made.
B. The opportunity \cost is the value of the good that is produced.
C. The opportunity \cost is the value of the resource that is used to produce the good.
D. The opportunity \cost is the value of the good that is not produced.
Correct Answer
A
Correct Option:
The opportunity \cost is the value of the next best alternative that is given up when a choice is made.

About This Question

This is Post Utme Osustech 2025 Economics Question 11. It is one of the objective questions from the 2025 Post Utme Osustech Economics examination.

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