Post Utme Rhema University 2024 Economics Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Rhema University Economics examination.

Post Utme Rhema University 2024 Economics Objective / Multiple Choice
Question 1 POST_UTME_RHEMA_UNIVERSITY • 2024 • ECONOMICS • objective

The concept of scarcity is closely related to the idea of opportunity \cost. Explain how the opportunity \cost of a choice is determined in a situation where a consumer has to choose between two goods, A and B, with the following prices and quantities: A = ₦100, Q = 10 units; B = ₦80, Q = 15 units. Assume that the consumer has a budget of ₦1,000.

Answer Options

A. The opportunity \cost is determined by the price of good B.
B. The opportunity \cost is determined by the quantity of good A.
C. The opportunity \cost is determined by the price of good A and the quantity of good B.
Correct Answer D. The opportunity \cost is determined by the quantity of good A and the price of good B.
Correct Answer
D
Correct Option:
The opportunity \cost is determined by the quantity of good A and the price of good B.

About This Question

This is Post Utme Rhema University 2024 Economics Question 1. It is one of the objective questions from the 2024 Post Utme Rhema University Economics examination.

View More Post Utme Rhema University 2024 Economics Questions More Post Utme Rhema University 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