The Multiple Choice Questions Blog

If demand increases and supply decreases, what is the effect on equilibrium price and equilibrium quantity?

Select ONE answer:

1. The price rises and the quantity might increase, decrease or remain the same.
2. The quantity increases and the price might rise, fall, or remain the same.
3. The quantity decreases and the price might rise, fall, or remain the same.
4. The price falls and the quantity might increase, decrease, or remain the same.

What is meant by the business objective of “employee welfare”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 1

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What is the effect on the price of wooden desks and quantity of wooden desks sold if the price of wood, a resource used to produce wooden desks, rises?

Select ONE answer:

1. The equilibrium quantity of wooden desks decreases and the equilibrium price falls.
2. The equilibrium quantity of wooden desks increases and the equilibrium price falls.
3. The equilibrium quantity of wooden desks decreases and the equilibrium price rises.
4. The equilibrium quantity of wooden desks increases and the equilibrium price rises.

What is meant by the business objective of “return on investment”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 3

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If the price of crude oil falls, the equilibrium price of gasoline ________ and the equilibrium quantity ________ ……?

Select ONE answer:

1. Rises; decreases
2. Falls; increases
3. Rises; increases
4. Falls; decreases

What is meant by the business objective of “cost efficiency”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2

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A decrease in the demand for beef because of concerns over cholesterol will result in ……?

Select ONE answer:

1. An offsetting increase in the demand for beef if the price of beef falls.
2. Higher beef prices.
3. An increase in the supply of beef.
4. Lower beef prices.

What is meant by the business objective of “market share”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4

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Coffee and sugar are complements. If a poor sugar harvest leads to an increase in the price of sugar, there will also be ……?

Select ONE answer:

1. A rightward shift in the demand curve for coffee.
2. A leftward shift in the supply curve of coffee.
3. An increase in coffee prices as well.
4. A decrease in coffee prices.

What is meant by the business objective of “survival”?……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4

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If the UK Medical Council announces that increased wheat consumption could cause heightened anxiety levels among children and adults, what happens to the equilibrium price and quantity of Nestlé’s Shredded Wheat?

Select ONE answer:

1. The equilibrium price falls and the equilibrium quantity decreases.
2. The equilibrium price rises and the equilibrium quantity increases.
3. The equilibrium price rises and the equilibrium quantity decreases.
4. The equilibrium price falls and the equilibrium quantity increases.

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

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

The answer is 1

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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

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