Economics Multiple Choice Question – 6 March 2018

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

When a market is in equilibrium, then …….?

Select ONE answer:

  1. There is no automatic tendency for either the supply curve or the demand curve to shift.
  2. There is not a surplus at the existing price.
  3. There is not a shortage at the existing price.
  4. All of the above answers are correct.

What is meant by “profit maximisation”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4

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Economics Multiple Choice Question – 5 March 2018

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

As the price of a pound of peanuts falls, then the …….?

Select ONE answer:

  1. Quantity of peanuts supplied will decrease.
  2. Quantity of peanuts supplied will increase.
  3. Supply of peanuts will decrease.
  4. Supply of peanuts will increase.

What is meant by “the importance of opportunity costs to producers”?

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

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

The answer is 1

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Economics Multiple Choice Question – 4 March 2018

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

If the price of lumber rises, then, in the market for sawdust, then …….?

Select ONE answer:

  1. There would be a movement downward along the supply curve for sawdust.
  2. The supply curve of sawdust shifts rightward.
  3. The supply curve of sawdust shifts leftward.
  4. There would be a movement upward along the supply curve for sawdust.

What is meant by “the importance of opportunity costs to consumers”?

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

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

The answer is 2

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Economics Multiple Choice Question – 3 March 2018

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

Which of the following will decrease the supply of restaurant meals?

Select ONE answer:

  1. The demand for restaurant meals decreases.
  2. Consumers’ income increases and restaurant meals are a normal good.
  3. Waiters get a pay raise.
  4. The price of movies, a complement to restaurant meals, falls.

What is meant by “potential trade-offs”?

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

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

The answer is 3

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Economics Multiple Choice Question – 2 March 2018

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

If the price of chocolate chip cookies falls, then ………?

Select ONE answer:

  1. The supply curve of chocolate chip cookies would shift leftward.
  2. There would be a movement downward along the supply curve of chocolate chip cookies.
  3. The supply curve of chocolate chip cookies would shift rightward.
  4. There would be a movement upward along the supply curve of chocolate chip cookies.

What is meant by “the problem of scarcity”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2

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Economics Multiple Choice Question – 1 March 2018

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

The “law of supply” states that if other things remain the same ………?

Select ONE answer:

  1. Firms will produce less of a good the more it costs to produce it.
  2. Firms will produce more of a good the less it costs to produce it.
  3. Firms will produce more of a good the higher its price.
  4. Firms will produce less of a good as the required resources become scarcer.

What is meant by “the economic problem”?

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

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

The answer is 3

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Business Studies Multiple Choice Question – 28 February 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 a true statement about private limited companies (Ltd’s)?

Choose ONE answer only:

  1. They are not owned by shareholders
  2. They have to have at least two directors
  3. They do not have a separate legal identity from the business’s owners
  4. The owners have limited liability
  5. They do not have to pay corporation tax

Explain one disadvantage to a business of having limited liability?

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

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

The answer is 4 – A private limited company has to have at least one director. Private limited companies have a separate legal identity to the business’s owners (called shareholders) and are subject to corporation tax, which is a tax on company profits.

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