Month: March 2018

When a market is in equilibrium, then …….?

Select ONE answer:

1. There is no automatic tendency for either the supply curve or the demand curve to shift.
2. There is not a surplus at the existing price.
3. There is not a shortage at the existing price.
4. All of the above answers are correct.

What is meant by “profit maximisation”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4

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As the price of a pound of peanuts falls, then the …….?

Select ONE answer:

1. Quantity of peanuts supplied will decrease.
2. Quantity of peanuts supplied will increase.
3. Supply of peanuts will decrease.
4. Supply of peanuts will increase.

What is meant by “the importance of opportunity costs to producers”?

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

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

The answer is 1

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If the price of lumber rises, then, in the market for sawdust, then …….?

Select ONE answer:

1. There would be a movement downward along the supply curve for sawdust.
2. The supply curve of sawdust shifts rightward.
3. The supply curve of sawdust shifts leftward.
4. There would be a movement upward along the supply curve for sawdust.

What is meant by “the importance of opportunity costs to consumers”?

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

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

The answer is 2

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Which of the following will decrease the supply of restaurant meals?

Select ONE answer:

1. The demand for restaurant meals decreases.
2. Consumers’ income increases and restaurant meals are a normal good.
3. Waiters get a pay raise.
4. The price of movies, a complement to restaurant meals, falls.

What is meant by “potential trade-offs”?

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

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

The answer is 3

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If the price of chocolate chip cookies falls, then ………?

Select ONE answer:

1. The supply curve of chocolate chip cookies would shift leftward.
2. There would be a movement downward along the supply curve of chocolate chip cookies.
3. The supply curve of chocolate chip cookies would shift rightward.
4. There would be a movement upward along the supply curve of chocolate chip cookies.

What is meant by “the problem of scarcity”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2

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