Month: November 2022

Which method of protection raises revenue for the government?

Select ONE answer:

1. domestic subsidies
2. embargo
3. quota
4. tariff

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.

Kenya and Jamaica attempt to control the supply of coffee in the world market to help stabilise their incomes.

What condition is essential for this to stabilise their incomes effectively?

Select ONE answer:

1. There must be large firms in the industry.
2. It must be possible to store the coffee and release stocks when necessary.
3. Other countries must supply a significant percentage of the total market.
4. The demand for the product must be elastic.

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.

What is always a characteristic of a public good?

Select ONE answer:

1. Consumption of the good by one individual prevents consumption by any other individual.
2. It confers benefits on consumers that are greater than they themselves realise.
3. It is supplied by a voluntary organisation.
4. The benefits it confers on consumers can be extended to others at zero cost.

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.

During a certain period, 10,000 units of a normal good are sold at a price of 20p.
During a later period, 12,000 units are sold at a price of 22p.
What could explain this change?

Select ONE answer:

1. a reduction in consumers’ incomes
2. an increase in the cost of raw materials
3. an increase in the price of a substitute commodity
4. an increase in the productivity of factors of production

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.

What is an advantage of using the market mechanism to allocate resources between alternative uses?

Select ONE answer:

1. It ensures that resources will be allocated efficiently.
2. It ensures that resources are allocated in accordance with need.
3. It minimises the time required to make decisions.
4. It gives all consumers an equal voice in deciding how resources should be allocated.

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.