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  5. Real cost is

Real cost is

Economics
JAMB 2023

Real cost is

  • A. Alternative commodities forgone
  • B. Amount of money spent on goods and services
  • C. Cost of goods and services
  • D. True cost
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Correct Answer: Option A
Explanation

This refers to the opportunity cost of choosing one option over another, representing the value of the next best alternative that is not chosen.

Therefore, Option A is most suitable.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now