Question 4541:

If a good is an inferior good, ____________

A. It is also necessarily a griffin good
B. The quantity of the good demand varies inversely with its good price
C. Its income elasticity of
D. The poor buy the good only out of habit

Question 4542:

Total revenue is always equal to ____________

A. Marginal revenue multiplied by the quantity sold
B. Average revenue plus marginal revenue
C. Marginal revenue multiplied by marginal cost
D. Average revenue multiplied by the quantity sold

Question 4543:

A perfect example of a public good is ____________

A. Air
B. Education
C. Defence
D. Transport

Question 4544:

If one orange cost 20k and one kilogram of beef cost #10, the opportunity cost of beef is ____________

A. #50
B. #10
C. #5
D. #9.30

Question 4545:

One of the major advantages of specialization is that ____________

A. The worker becomes a tender of machines
B. It causes more employment of labour
C. Less machinery is required for production
D. The worker wastes less time between operation