Economics Multiple Choice Question – 27 July 2021

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

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What is cross elasticity of demand?

Select ONE answer:

  1. the responsiveness of price of good X due to a change in demand of good Y
  2. the responsiveness of quantity demanded of a good due to a change in its price
  3. the responsiveness of quantity demanded of good X due to a change in quantity of good Y
  4. the responsiveness of quantity demanded of good X due to a change in the price of good Y

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

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