Post Utme Redeemers University 2021 Commerce Question 21

Practice objective / multiple choice question 21 from the 2021 Post Utme Redeemers University Commerce examination.

Post Utme Redeemers University 2021 Commerce Objective / Multiple Choice
Question 21 POST_UTME_REDEEMERS_UNIVERSITY • 2021 • 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. Which of the following statements best describes the opportunity cost of a country?

Answer Options

Correct Answer A. The value of the next best alternative
B. The quantity of another good that could be produced with the same resources
C. The price of another good that could be produced with the same resources
D. The quantity of another good that could be produced with the same resources and labor
Correct Answer
A
Correct Option:
The value of the next best alternative

About This Question

This is Post Utme Redeemers University 2021 Commerce Question 21. It is one of the objective questions from the 2021 Post Utme Redeemers University Commerce examination.

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