Post Utme Unn 2023 Economics Question 11

Practice objective / multiple choice question 11 from the 2023 Post Utme Unn Economics examination.

Post Utme Unn 2023 Economics Objective / Multiple Choice
Question 11 POST_UTME_UNN • 2023 • ECONOMICS • objective

The concept of scarcity in economics implies that the production of one good is limited by the availability of resources, which can be allocated to other goods. This is an example of a trade-off between two goods. Which of the following is a correct statement about the opportunity \cost of producing one 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 traded with the same resources.
D. The opportunity \cost is the value of the next best alternative good that could have been produced with different resources.
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 Unn 2023 Economics Question 11. It is one of the objective questions from the 2023 Post Utme Unn Economics examination.

View More Post Utme Unn 2023 Economics Questions More Post Utme Unn 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