Economics Multiple Choice Question – 23 September 2017

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

Which ONE of the following best describes the two statements below?

  • Statement 1: The UK government increased education spending from £87 billion in 2012 to £88 billion in 2013.
  • Statement 2: The government should allocate an additional £2 billion to schools to improve the quality of education.

Select ONE answer:

Statement 1               Statement 2

  1. Positive                    Positive
  2. Positive                    Normative
  3. Normative               Positive
  4. Normative               Normative
  5. Definite                    Normative

 

With reference to the statements above explain what is meant by external benefits in relation to Education.

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

The answer is 2 – Positive economics is objective and fact based, while normative economics is subjective and value based. Positive economic statements do not have to be correct, but they must be able to be tested and proved or disproved. Normative economic statements are opinion based so they cannot be proved or disproved. Statement 1 is fact based, whilst statement 2 is an opinion (use of the word ‘should’ in the sentence).

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Business Studies Multiple Choice Question – 22 September 2017

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

Which ONE of the following are the benefits of conducting secondary research instead of primary market research?

Select ONE answer:

  1. It is less time consuming
  2. It adds value to products
  3. It offers a limited range of information
  4. It is more specific to the target market
  5. It will lower the costs of production

What another advantage can you explain as being an advantage of conducting secondary research instead of primary market research?
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 1 – Secondary research (also known as desk research) involves the summary, review, collation and/or synthesis of existing sources of information and research such as Yellow Pages, and as such can be done very quickly.

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Business Studies Multiple Choice Question – 21 September 2017

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

Which ONE of the following are advantages of primary market research over secondary research?

Select ONE answer:

  1. It is very cheap
  2. It is less time-consuming than secondary research
  3. It is less up to date than secondary research
  4. It can be done only by market-research agencies
  5. It is more specific to the needs of a business

What is another advantage that can you explain as being an advantage of primary market research over secondary research?
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answer is 4 – Primary research involves the collection of original primary data. It can be accomplished through various methods, including focus groups, questionnaires and telephone interviews in market research. As such it can be specific to the needs of a business.

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Business Studies Multiple Choice Question – 20 September 2017

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

Lisa believes there is a growing market for her gardening services. She has conducted some market research to test her idea and has summarised her findings below.

According to the data above, which TWO conclusions can Lisa draw from the data?

Select TWO answers:

  1. 100% more single pensioners than pensioner couples are interested in Lisa’s business
  2. Lisa should not offer services 2 or 3 as there is no demand
  3. Lisa should focus more on Single households than households with Couples.
  4. Her main 2 segments are couples with children and single pensioners
  5. Less than half of people prefer something other than service 1
  6. Couples with children are more likely to use service 1

Explain you answers:
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answers are 1 & 4 – 28% of single pensioners are interested in her service compared to 14% of pensioner couples, double the number. Single Pensioners and Couple with children, make up 59% of the people interested in Lisa’s business.

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Business Studies Multiple Choice Question – 19 September 2017

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

Samir works as a bus driver for a local transport company in Stafford. He is keen to start his own business providing express bus service between Stafford and Birmingham Airport. He spent a week doing market research. Samir interviewed 200 airport users in Stafford town center and the results are shown below.

According to the data based, which TWO conclusions can Samit draw from the data?

Select TWO answers:

  1. Only a minority of elderly customers (60+) would use the service
  2. Only six people of those interviewed would pay more than £36 for the service
  3. The best price to charge would be under £25
  4. The 18-30 age group is the largest market segment
  5. It is not worth trying to market the service to the over 45s
  6. The business could make a profit only if £19 was charged for the service

Explain you answers:
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This is multiple choice question is suitable for Business Studies KS4 classes.

The answers are 2 & 4 – 3% of 200 people interviewed is equal to 6 people. The 18-30 segment of the age profile is the largest noted that would use the service at 51%.

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