Tag: A-Level

When is the supply curve for a car manufacturing firm MOST likely to be price elastic?

Select ONE answer:

1. when the firm finds it difficult to recruit new labour
2. when the firm has a large quantity of stock
3. when the firm is operating in the short run
4. when the firm is operating near to full capacity

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.

Which statement about market disequilibrium is correct?

Select ONE answer:

1. Price is likely to change.
2. Supply is equal to demand.
3. The government must intervene.
4. There must be shortages.

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.

‘The local government of Portsmouth should use a policy of taxation to reduce traffic congestion in the city centre.’

What can be concluded about this statement and the type of economic policy?

Select ONE answer:

1. statement – normative & type of policy – macro
2. statement – normative & type of policy – micro
3. statement – positive & type of policy – macro
4. statement – positive & type of policy – micro

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 correct at any point along an economy’s production possibility curve?

Select ONE answer:

1. existing resources are fully employed – correct & existing technology is fully used – correct
2. existing resources are fully employed – correct & existing technology is fully used – false
3. existing resources are fully employed – false & existing technology is fully used – correct
4. existing resources are fully employed – false & existing technology is fully used – false

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.

Which statement is correct?

Select ONE answer:

1. In the short run all factors of production are fixed; in the long run all factors are varied.
2. In the short run at least one factor is fixed; in the long run all factors can be varied.
3. In the short run at least one factor is varied; in the long run all factors are fixed.
4. In the short run at least one factor is varied; in the long run at least one factor 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.