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Economics Past Questions and Answers

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Economics Questions

Question 4451:

Which of the following statement describes a mixed economy?

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A The government and the private sector interact in solving the basic economic problems
B The invisible hand solves the basic economic problem
C The government produces and distributes all goods and services
D Society answers the "what", 'how' and for 'whom' questions only through the market system

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Question 4452:

If a good is an inferior good, ____________

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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

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Question 4453:

Total revenue is always equal to ____________

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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

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Question 4454:

A perfect example of a public good is ____________

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A Air
B Education
C Defence
D Transport

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Question 4455:

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

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

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