Economics Multiple Choice Question – 16 October 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The law of diminishing returns occurs because ……..?

Select ONE answer:

  1. Adding more and more workers continues to decrease output.
  2. The marginal product of an additional worker is greater than the marginal product of the previous worker.
  3. Total production decreases as more of the variable input is used.
  4. The productivity of the variable input, such as labor, depends in part on the amount of fixed inputs such as capital.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Economics Multiple Choice Question – 15 October 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The law of diminishing returns makes it clear that as more a variable input is employed ……..?

Select ONE answer:

  1. In the long-run, the marginal product of the variable input will eventually fall.
  2. In the short-run, the marginal product of the variable input will eventually fall.
  3. In the short-run, the marginal product of the variable input will eventually rise.
  4. In the long-run, the marginal product of the variable input will eventually rise.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Economics Multiple Choice Question – 14 October 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

At that amount of output where diminishing marginal returns first sets in ……..?

Select ONE answer:

  1. Average product will begin to decline.
  2. Total product will begin to decline.
  3. Marginal product will begin to decline.
  4. All of the above.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 3

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Economics Multiple Choice Question – 13 October 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

A firm’s total product curve shows?

Select ONE answer:

  1. How the cost of the fixed resources change when output changes.
  2. How the quantity of output changes when the quantity of labor changes.
  3. That inefficiency is not possible.
  4. That in the long run, the firm must adjust the quantity of all the resources it employs.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Economics Multiple Choice Question – 12 October 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Table 28

Using the data in the above table, what is the average product of three employees?

Select ONE answer:

  1. 2 pizzas per hour
  2. 3 pizzas per hour
  3. 4 pizzas per hour
  4. 12 pizzas per hour

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 3

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Economics Multiple Choice Question – 11 October 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Table 28

Using the data in the above table, what is the marginal product of the third employee?

Select ONE answer:

  1. 2 pizzas per hour
  2. 3 pizzas per hour
  3. 4 pizzas per hour
  4. 12 pizzas per hour

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 2

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Economics Multiple Choice Question – 10 October 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Table 28

Using the data in the above table, what is the total product of three employees?

Select ONE answer:

  1. 2 pizzas per hour
  2. 3 pizzas per hour
  3. 4 pizzas per hour
  4. 12 pizzas per hour

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple choice question is suitable for Economics KS5 classes.

The answer is 4

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.