Post Utme Veritas University 2022 Economics Question 31

Practice objective / multiple choice question 31 from the 2022 Post Utme Veritas University Economics examination.

Post Utme Veritas University 2022 Economics Objective / Multiple Choice
Question 31 POST_UTME_VERITAS_UNIVERSITY • 2022 • 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 another good. 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.
B. The opportunity \cost is the value of the next best alternative good that could have been consumed.
C. The opportunity \cost is the value of the next best alternative good that could have been invested.
D. The opportunity \cost is the value of the next best alternative good that could have been exported.
Correct Answer
A
Correct Option:
The opportunity \cost is the value of the next best alternative good that could have been produced.

About This Question

This is Post Utme Veritas University 2022 Economics Question 31. It is one of the objective questions from the 2022 Post Utme Veritas University Economics examination.

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