Post Utme Redeemers University 2019 Economics Question 36

Practice objective / multiple choice question 36 from the 2019 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2019 Economics Objective / Multiple Choice
Question 36 POST_UTME_REDEEMERS_UNIVERSITY • 2019 • ECONOMICS • objective

The concept of scarcity implies that the production of one good is limited by the availability of resources, which can be used to produce other goods. This is an example of a trade-off between two goods, where the production of one good reduces the production of another good. What is the opportunity \cost of producing one unit of good X?

Answer Options

Correct Answer A. The opportunity \cost is the value of the next best alternative good that could have been produced.
B. The opportunity \cost is the value of the next best alternative good that could have been consumed.
C. The opportunity \cost is the value of the next best alternative good that could have been invested in.
D. The opportunity \cost is the value of the next best alternative good that could have been traded.
Correct Answer
A
Correct Option:
The opportunity \cost is the value of the next best alternative good that could have been produced.

About This Question

This is Post Utme Redeemers University 2019 Economics Question 36. It is one of the objective questions from the 2019 Post Utme Redeemers University Economics examination.

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