Post Utme Uniport 2018 Economics Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Uniport Economics examination.

Post Utme Uniport 2018 Economics Objective / Multiple Choice
Question 1 POST_UTME_UNIPORT • 2018 • ECONOMICS • objective

The concept of scarcity is closely related to the concept of opportunity \cost. Explain how the opportunity \cost of a choice is determined.

Answer Options

Correct Answer A. The opportunity \cost of a choice is determined by the next best alternative that is given up.
B. The opportunity \cost of a choice is determined by the \cost of the next best alternative.
C. The opportunity \cost of a choice is determined by the benefit of the next best alternative.
D. The opportunity \cost of a choice is determined by the probability of the next best alternative.
Correct Answer
A
Correct Option:
The opportunity \cost of a choice is determined by the next best alternative that is given up.

About This Question

This is Post Utme Uniport 2018 Economics Question 1. It is one of the objective questions from the 2018 Post Utme Uniport Economics examination.

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