Month: November 2020

Non-rivalry is a characteristic of which type of good?

Select ONE answer:

1. an inferior good
2. a merit good
3. a private good
4. a public 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 4

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

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

Alex’s well-being not only depends on the amounts of goods and services he himself consumes but is also directly affected by the amount of good Y consumed by Lucy.

What does this illustrate?

Select ONE answer:

1. an externality
2. cross-elasticity of demand
3. joint demand
4. substitute goods

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

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

A manufacturer’s ability to increase his output in the short run will be greater

Select ONE answer:

1. if labour is immobile.
2. if the product is perishable.
3. if there is spare capacity.
4. if unemployment is low.

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

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

What would cause a movement along an industry’s supply curve?

Select ONE answer:

1. a change in the price of raw materials
2. a change in the price of a substitute good
3. an improvement in technology
4. the imposition of a sales tax on the industry’s product

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 2

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

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

Given a rate of interest of 20% per year, what is the opportunity cost to an individual of saving an 
additional £1,000 in year 1?

Select ONE answer:

1. an increase in consumption of £1,200 in year 2
2. an increase in consumption of £200 in year 2
3. consumption of £1,000 in year 1
4. consumption of £1,200 in year 1

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

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