WAEC Economics 2021 Objective — Question 2

Question 2 of 50 from the West African Examinations Council (WAEC) Economics 2021 Objective paper, with the correct answer and a full explanation.

2. A consumer with $10 needs a dress, a pair of shoes, a handbag and jewellery costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes is the

A. dress.
B. jewellery.
C. handbag and jewellery.Correct
D. dress and jewellery.

Explanation

With only $10, buying the shoes ($10) means forgoing the next-best alternative combination affordable with that money — the handbag and jewellery ($7+$3=$10).

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