Economics Multiple Choice Question – 10 April 2022

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

Economics
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Country M imposes a tariff on imports of steel.

Which price elasticity values will result in the smallest reduction in steel imports into M?

Select ONE answer:

  1. price elasticity of supply of domestic steel producers in country M – 0.2 & price elasticity of demand for steel in country M – 0.4
  2. price elasticity of supply of domestic steel producers in country M – 1.0 & price elasticity of demand for steel in country M – 0.8
  3. price elasticity of supply of domestic steel producers in country M – 1.5 & price elasticity of demand for steel in country M – 1.0
  4. price elasticity of supply of domestic steel producers in country M – 2.0 & price elasticity of demand for steel in country M – 1.2

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

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Author: stuart001uk2014

Referral marketing, business, economics and accounting s​pecialist & corporate mentor

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