Economics Multiple Choice Question – 31 March 2022

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 it necessary to know in order to calculate the price elasticity of supply of a product when its price changes?

Select ONE answer:

  1. the amount of the price change; the quantity demanded at the original price; the quantity supplied at the new price
  2. the equilibrium market price; the quantity demanded at equilibrium; the quantity supplied at equilibrium
  3. the original and new market price; the quantity supplied at the original price; the quantity supplied at the new price
  4. the quantity demanded at the new price; the price change; the quantity supplied at the new Price

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

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

Economics Multiple Choice Question – 30 March 2022

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

Photo by Kelly Lacy on Pexels.com

Which elasticity values indicate that cars are normal goods and that petrol is a complement to car use?

LHS – income elasticity of demand (YED) for cars & RHS – cross elasticity of demand (XED) for petrol relative to changes in car prices

Select ONE answer:

  1. YED is negative & XED is negative
  2. YED is negative & XED is positive
  3. YED is positive & XED is negative
  4. YED is positive & XED is positive

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

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

Economics Multiple Choice Question – 29 March 2022

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

Photo by Kelly Lacy on Pexels.com

Lucy sells cakes for £100. Alex offers online economics tutoring for £200 per hour.

One hour of Alex’s top-class economics tutoring is worth two of Lucy’s excellent cakes.

Which function of money is being illustrated?

Select ONE answer:

  1. medium of exchange
  2. standard of deferred payment
  3. store of value
  4. unit of account

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

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

Economics Multiple Choice Question – 28 March 2022

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

Photo by Kelly Lacy on Pexels.com

What is NOT an example of the role of the factor “enterprise” in a modern economy?

Select ONE answer:

  1. deciding on new export markets for the company’s goods and services
  2. making payments to suppliers for raw materials and capital goods
  3. reducing costs through the introduction of a new shift system for employees
  4. transforming the production process with the introduction of robots

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

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

Economics Multiple Choice Question – 27 March 2022

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

Photo by Kelly Lacy on Pexels.com

The demand for a product is inversely related to its price, ceteris paribus.

What does ceteris paribus mean in this context?

Select ONE answer:

  1. Factors affecting demand other than price are held constant.
  2. Factors affecting price other than demand are held constant.
  3. Price changes result from changes in demand.
  4. Price falls result in increased quantity demanded.

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

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

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