Post Utme Veritas University 2020 Economics Question 1

Practice objective / multiple choice question 1 from the 2020 Post Utme Veritas University Economics examination.

Post Utme Veritas University 2020 Economics Objective / Multiple Choice
Question 1 POST_UTME_VERITAS_UNIVERSITY • 2020 • 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 leads to an opportunity \cost, which is the value of the next best alternative foregone as a result of choo\sing one option over another. Which of the following is an example of an opportunity \cost?

Answer Options

A. The \cost of producing a good
Correct Answer B. The value of a good that is not produced
C. The value of a good that is not consumed
D. The value of a good that is not traded
Correct Answer
B
Correct Option:
The value of a good that is not produced

About This Question

This is Post Utme Veritas University 2020 Economics Question 1. It is one of the objective questions from the 2020 Post Utme Veritas University Economics examination.

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