Economics Multiple Choice Question – 17 September 2021

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

Photo by Kelly Lacy on Pexels.com

The cross elasticity of demand between two products, X and Y, is negative.

What would be the immediate effect of a rise in the price of product Y?

Select ONE answer:

  1. Quantity demanded of product X will fall.
  2. Supply of product X will rise.
  3. The cross elasticity of demand will rise.
  4. The price of product X will rise.

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 1

  1. Correct
  2. Not correct
  3. Not correct
  4. Not correct

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

Economics Multiple Choice Question – 16 September 2021

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

Photo by Kelly Lacy on Pexels.com

What is MOST likely to cause an increase in the consumer surplus in the market for a normal good?

Select ONE answer:

  1. an increase in consumer incomes
  2. an increase in the number of substitute goods
  3. an increase in the price of a complementary good
  4. an increase in the price of the good

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 1

  1. Correct
  2. Not correct
  3. Not correct
  4. Not correct

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

Economics Multiple Choice Question – 15 September 2021

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

Photo by Kelly Lacy on Pexels.com

The UK has low unemployment and is managing the float of Sterling against What follows if the income elasticity of demand for a good has a value of – 0.2?

Select ONE answer:

  1. When income rises less of the good is bought.
  2. When income rises more of the good is bought.
  3. When price falls more of the good is bought.
  4. When price rises less of the good is bought.

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 1

  1. Correct
  2. Not correct
  3. Not correct
  4. Not correct

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

Economics Multiple Choice Question – 14 September 2021

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

Photo by Kelly Lacy on Pexels.com

Scrumpers in Staffordshire want to pick wild sloe berries from sloe bushes that live in the hedgerows in the countrysides along with blackberry, hawthorn and rose-hip bushes, in order to make delicious sloe gin to keep them warm over winter.

They find the sloe bushes by following grey squirrels around the country lanes who want the rose-hips to snack on over winter when they hibernate that is found side-by-side in the Staffordshire hedgerows.

What does this suggest?

Select ONE answer:

  1. Scrumpers and grey squirrels are rival consumers.
  2. Sloe and rose-hip berries are free goods.
  3. Sloe and rose-hip berries are in joint supply.
  4. Slow berries is the opportunity cost of rose-hip berries.

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 3

  1. Not correct
  2. Not correct
  3. Correct
  4. Not correct

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

Economics Multiple Choice Question – 13 September 2021

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

Photo by Kelly Lacy on Pexels.com

What justifies government intervention in the provision of a merit good such as education?

Select ONE answer:

  1. People who pay for education value it more than those who cannot pay.
  2. Private schools have more merit than state schools.
  3. Social costs of providing education outweigh social benefits of education.
  4. Some consumers do not fully recognise the value of education.

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

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Economics KS4 and KS5 classes.

The answer is 4

  1. Not correct
  2. Not correct
  3. Not correct
  4. Correct

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