Month: November 2022

What does NOT pose a threat to the achievement of allocative efficiency?

Select ONE answer:

1. imperfect information on the part of consumers
2. income inequalities
3. the existence of externalities
4. the presence of monopolistic elements

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.

In August 2002, the US President signed a trade agreement which allowed more duty-free access to the US market for Latin American and Caribbean countries.

Who might benefit in the short run from this agreement?

Select ONE answer:

1. Caribbean countries, because they may export to Latin America
2. Latin American businesses, because they may be able to sell more in the US
3. Latin American governments, because they will not have to pay so much duty
4. the US, because it may export more to Latin America

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.

When will a reduction in unemployment result in an increase in inflation?

Select ONE answer:

1. when a high percentage of the increase in income is saved
2. when the economy reaches its production possibility curve
3. when the jobs created are unskilled
4. when the newly employed buy mainly imported 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 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.

In an economy, both employment and unemployment rose over a ten year period.

What must have risen?

Select ONE answer:

1. birth rate
2. life expectancy
3. unemployment benefits
4. working population

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.

In which of the following situations will a country’s terms of trade worsen?

Select ONE answer:

1. The prices of its imports rise by more than the prices of its exports.
2. The total value of external payments rises by more than the total value of external receipts.
3. The value of its imports rises by more than the value of its exports.
4. The volume of its imports rises by more than the volume of its exports.

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.