Economics Multiple Choice Question – 20 May 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Demand curves with which of the following shapes will have constant elasticities at every point?

Select ONE answer:

  1. demand curves that are perfectly horizontal lines
  2. demand curves that are perfectly vertical lines
  3. demand curves that are rectangular hyperbolas
  4. all of the above

What is the implication for firms of changes in interest rates?

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

The answer is 4

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Economics Multiple Choice Question – 19 May 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Demand is price inelastic if a relatively ________ price increase leads to a relatively ________ in the quantity demanded.

Select ONE answer:

  1. small; large increase
  2. small; large decrease
  3. large; small decrease
  4. large; small increase

What is meant by the “Specialisation”?

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

The answer is 3

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Economics Multiple Choice Question – 18 May 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

What is the price elasticity of demand for oranges (using average price and average quantity) when the price of oranges changes from £200 to £160 per ton and so the quantity demanded changes from 1000 to 1400 tons?

Select ONE answer:

  1. 10.00
  2. 0.67
  3. 0.10
  4. 1.50

Show your workings to arrive at your answer, and explain and justify your reasons:

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

The answer is 4

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Economics Multiple Choice Question – 17 May 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

When the price of a movie ticket increases from £5 to £7,  the number of tickets demanded decreases from 600 to 400 a day.  What is the price elasticity of demand for movie tickets?

Select ONE answer:

  1. 2.32
  2. 0.83
  3. 1.20
  4. 1.00

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 3

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Economics Multiple Choice Question – 16 May 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

To determine the effect a 25 percent increase in the price of apples has on the number of apples demanded, you must know the value of the ……?

Select ONE answer:

  1. Cross-elasticity of demand.
  2. Price elasticity of demand.
  3. Income elasticity of demand.
  4. Price elasticity of supply.

What are the advantages and disadvantages to employers and employees of “Division of Labour”?

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

The answer is 2

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Economics Multiple Choice Question – 15 May 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

The price elasticity of demand is defined as the magnitude of ………?

Select ONE answer:

  1. The percentage change in quantity demanded divided by the percentage change in price.
  2. The percentage change in price divided by the percentage change in quantity demanded.
  3. The change in price divided by the change in quantity demanded.
  4. The change in quantity demanded divided by the change in price.

What is meant by the “Division of Labour”?

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

The answer is 1

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Business Studies Multiple Choice Question – 14 May 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

Which ONE of the following is an example of a good?

Select ONE answer only:

  1. A train ride
  2. A restaurant meal
  3. A taxi ride
  4. A pair of leather shoes
  5. A dental treatment

Explain ONE way in which market research data might benefit a business?

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This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 4 – This is a good, the rest are services.

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