Category: Economics

What does the assumption ‘ceteris paribus’ mean when economists analyse the way in which the quantity demanded of a good changes?

Select ONE answer:

1. Changes in quantity demanded can cause changes in any of the other variables.
2. Consumer preferences are always assumed to remain unchanged.
3. Only one variable is assumed to change while the others remain the same.
4. Several variables change simultaneously.

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 price elasticity of supply?

Select ONE answer:

1. the change in the quantity supplied when a price changes
2. the change in the quantity supplied when demand changes
3. the comparison of the proportionate change in supply to the proportionate change in demand
4. the comparison of the proportionate change in supply to the proportionate change in price

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 calculating the short-run supply schedule for a firm, what is assumed to remain unchanged?

Select ONE answer:

1. the number of consumers
2. the price of the good
3. the quantity of raw material inputs
4. the state of technology

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 the “Land of Dragons” there was hyperinflation. Their currency was the Groat.

Which two functions of money might the “Land of Dragons” Groat be most likely to have still performed during this hyperinflation?

Select ONE answer:

1. the maximum output that can be produced by a firm in a year
2. the maximum output that can be produced per worker per year in the economy
3. the maximum output that could be exported from a country
4. the maximum output of two or more goods in an economy from a given amount of inputs

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.

What does a production possibility curve show?

Select ONE answer:

1. the maximum output that can be produced by a firm in a year
2. the maximum output that can be produced per worker per year in the economy
3. the maximum output that could be exported from a country
4. the maximum output of two or more goods in an economy from a given amount of inputs

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.