Category: Economics

The table shows a firm’s total revenue and total cost at different levels of output.

Which level of output gives maximum profit?

Select ONE answer:

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 (15-15*10 = £0)
2. Not correct (20-18*20 = £40)
3. Not correct (25-20*30 = £150)
4. Correct (30-21*40 = £360)

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What benefit is likely to result from the extension of specialisation within manufacturing?

Select ONE answer:

1. For a consumer, there are more individually made goods available.
2. For a consumer, there could be a lower cost of living.
3. For an employee, job satisfaction will increase.
4. For an employee, the nature of work is more varied.

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 found in a competitive market?

Select ONE answer:

1. Every firm earns large profits.
2. Firms with limited capital can enter the market.
3. The costs of production are always lower than in a monopoly.
4. There is limited choice for consumers.

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.

When might a trade union be MOST likely to achieve a good pay deal for its members?

Select ONE answer:

1. when labour costs are a high percentage of the firm’s total costs
2. when rival firms successfully introduce an alternative product
3. when the firm is introducing capital-intensive production
4. when the firm is making large profits

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 may cause an individual to save a higher proportion of their income?

Select ONE answer:

1. a belief that the price of goods will rise in the future
2. a fall in the rate of interest paid by the country’s banks
3. a fear that income will fall in the future
4. a rise in the individual’s wish to enjoy higher consumption immediately

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.