WAEC Economics 2025 Objective — Question 2
Question 2 of 51 from the West African Examinations Council (WAEC) Economics 2025 Objective paper, with the correct answer and a full explanation.
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If the production of 5 bags of rice are given up by a farmer in order to produce 1 bag of maize, this implies that, to the farmer,
- A. rice has a greater opportunity cost of production than maize.
- B. maize has a higher opportunity cost of production than rice.Correct
- C. both rice and maize have no opportunity costs of production.
- D. rice and maize have equal opportunity costs of production.
Explanation
The opportunity cost of maize is the 5 bags of rice forgone, which is a large sacrifice, so maize has a higher opportunity cost than rice.
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