Economics Multiple Choice Question – 24 May 2018

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

“Last October, due to an early frost, the average price for a pumpkin increased by 10 percent compared to the average pumpkin price in previous Halloween seasons. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million.”  Based on this statement, the ……..

Select ONE answer:

  1. demand curve for pumpkins shifted rightward.
  2. demand for pumpkins is elastic.
  3. demand for pumpkins is unit elastic.
  4. demand for pumpkins is inelastic.

What is the implication for firms of changes in economic growth?

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

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

The answer is 2

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