Category: Economics

Economics is best defined as the study of how people, businesses, governments, and societies?

Select ONE answer:

1. Make choices to cope with scarcity.
2. Attain wealth.
3. Choose abundance over scarcity.
4. Use their infinite resources.

What is meant by stakeholders or economic agents?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 1

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The most fundamental economic problem is ………?

Select ONE answer:

1. Security.
2. The fact the UK imports more goods from foreign countries than we export goods to foreign countries.
3. Health.
4. Scarcity.

What is meant by the business objective of “social objectives”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 4

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An incentive ………?

Select ONE answer:

1. Is the opposite of a tradeoff.
2. Could be a reward but could not be a penalty.
3. Could be either a reward or a penalty.
4. Could be a penalty but could not be a reward.

What is meant by the business objective of “customer satisfaction”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 3

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If demand increases and supply decreases, what is the effect on equilibrium price and equilibrium quantity?

Select ONE answer:

1. The price rises and the quantity might increase, decrease or remain the same.
2. The quantity increases and the price might rise, fall, or remain the same.
3. The quantity decreases and the price might rise, fall, or remain the same.
4. The price falls and the quantity might increase, decrease, or remain the same.

What is meant by the business objective of “employee welfare”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 1

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What is the effect on the price of wooden desks and quantity of wooden desks sold if the price of wood, a resource used to produce wooden desks, rises?

Select ONE answer:

1. The equilibrium quantity of wooden desks decreases and the equilibrium price falls.
2. The equilibrium quantity of wooden desks increases and the equilibrium price falls.
3. The equilibrium quantity of wooden desks decreases and the equilibrium price rises.
4. The equilibrium quantity of wooden desks increases and the equilibrium price rises.

What is meant by the business objective of “return on investment”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Economics KS5 classes.

The answer is 3

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