Tag: A-Level

What ensures that demand for a product is effective?

Select ONE answer:

1. The consumer must be in the private sector of the economy.
2. The consumer must have sufficient income to buy the product.
3. The consumer must receive consumer surplus.
4. The consumer must want to buy the product.

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.

Doctors should be paid highly because they have to undertake a long period of training.

What can be concluded about this statement?

Select ONE answer:

1. It is a normative statement because high pay does not always result from lengthy training.
2. It is a normative statement because it expresses an opinion.
3. It is a positive statement because doctors do have to train for a long period.
4. It is a positive statement because greater skill results in higher pay.

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.

What is meant by ‘ceteris paribus’ in economic analysis?

Select ONE answer:

1. A normative approach is being adopted.
2. The effect of a change of one variable is being considered in isolation.
3. One good has to be sacrificed to obtain more of another.
4. One factor of production is fixed.

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.

In a market economy, what is the basis for determining the allocation of factors of production.

Select ONE answer:

1. the market share of companies
2. the needs of the country
3. the pattern of consumers’ spending
4. the wealth of entrepreneurs

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 3

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

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