Post Utme Unilag 2021 Economics Question 31

Practice objective / multiple choice question 31 from the 2021 Post Utme Unilag Economics examination.

Post Utme Unilag 2021 Economics Objective / Multiple Choice
Question 31 POST_UTME_UNILAG • 2021 • 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 other goods. 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 good that could have been produced with the same resources.
B. The opportunity \cost is the value of the next best alternative good that could have been consumed with the same resources.
C. The opportunity \cost is the value of the next best alternative good that could have been produced with the same resources, but not consumed.
D. The opportunity \cost is the value of the next best alternative good that could have been consumed with the same resources, but not produced.
Correct Answer
A
Correct Option:
The opportunity \cost is the value of the next best alternative good that could have been produced with the same resources.

About This Question

This is Post Utme Unilag 2021 Economics Question 31. It is one of the objective questions from the 2021 Post Utme Unilag Economics examination.

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