Post Utme Unilag 2017 Commerce Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Unilag Commerce examination.

Post Utme Unilag 2017 Commerce Objective / Multiple Choice
Question 31 POST_UTME_UNILAG • 2017 • 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. What is the opportunity cost of producing a good?

Answer Options

Correct Answer A. The value of the good in terms of other goods that could be produced with the same resources
B. The cost of producing the good in terms of labor and capital
C. The price of the good in the market
D. The quantity of the good produced
Correct Answer
A
Correct Option:
The value of the good in terms of other goods that could be produced with the same resources

About This Question

This is Post Utme Unilag 2017 Commerce Question 31. It is one of the objective questions from the 2017 Post Utme Unilag Commerce examination.

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