Neco Model Questions Vol1 2024 Economics Question 8

Practice objective / multiple choice question 8 from the 2024 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2024 Economics Objective / Multiple Choice Easy Difficulty
Question 8 NECO_MODEL_QUESTIONS_VOL1 • 2024 • ECONOMICS • objective

A farmer can allocate one hectare of land to either produce rice or beans. With the current technology, one hectare can produce either 40 bags of rice or 30 bags of beans. If the farmer decides to produce 20 bags of rice on a hectare, how many bags of beans can be produced on the same hectare? Also state the opportunity cost of one bag of rice in terms of beans.

Answer Options

A. 18 bags of beans; opportunity cost = 0.9 bag of beans per bag of rice.
Correct Answer B. 15 bags of beans; opportunity cost = 0.75 bag of beans per bag of rice.
C. 12 bags of beans; opportunity cost = 0.6 bag of beans per bag of rice.
D. 10 bags of beans; opportunity cost = 0.5 bag of beans per bag of rice.
Correct Answer
B
Correct Option:
15 bags of beans; opportunity cost = 0.75 bag of beans per bag of rice.

About This Question

This is Neco Model Questions Vol1 2024 Economics Question 8. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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