Economics Multiple Choice Question – 1 March 2018

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

The “law of supply” states that if other things remain the same ………?

Select ONE answer:

  1. Firms will produce less of a good the more it costs to produce it.
  2. Firms will produce more of a good the less it costs to produce it.
  3. Firms will produce more of a good the higher its price.
  4. Firms will produce less of a good as the required resources become scarcer.

What is meant by “the economic problem”?

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

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 3

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