The Multiple Choice Questions Blog

Lucy sells cakes for £100. Alex offers online economics tutoring for £200 per hour.

One hour of Alex’s top-class economics tutoring is worth two of Lucy’s excellent cakes.

Which function of money is being illustrated?

Select ONE answer:

1. medium of exchange
2. standard of deferred payment
3. store of value
4. unit of account

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 is NOT an example of the role of the factor “enterprise” in a modern economy?

Select ONE answer:

1. deciding on new export markets for the company’s goods and services
2. making payments to suppliers for raw materials and capital goods
3. reducing costs through the introduction of a new shift system for employees
4. transforming the production process with the introduction of robots

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.

The demand for a product is inversely related to its price, ceteris paribus.

What does ceteris paribus mean in this context?

Select ONE answer:

1. Factors affecting demand other than price are held constant.
2. Factors affecting price other than demand are held constant.
3. Price changes result from changes in demand.
4. Price falls result in increased quantity demanded.

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 1

1. Correct
2. Not correct
3. Not correct
4. Not correct

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