Economics Multiple Choice Question – 16 November 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 NOT held constant when calculating the income effect of a change in the price of a good?

Select ONE answer:

  1. the consumer’s money income
  2. the consumer’s preferences
  3. the consumer’s real income
  4. the prices of other 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 3

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

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