Tag: Economics

Price discrimination is …?

Select ONE answer:

1. Charges the same price for the same goods
2. Sets a price by adding percentage to costs
3. Uses a high price to enter a market
4. Uses a low price to enter a market
5. Sets different prices for different customers for the same goods

Give a real-life example of price discrimination:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 5 – price discrimination is the action of selling the same product at different prices to different buyers, in order to maximize sales and profits.

 

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For an economist, the key purpose of economic activity is to?

Select ONE answer:

1. To remove inequality
2. To satisfy needs and wants
3. Save scarce resources
4. Maximise profit
5. Help government planning

Explain what is the basic economic problem?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2 – To satisfy needs and wants

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

For an economist, the key purpose of economic activity is to?

Select ONE answer:

1. To remove inequality
2. To satisfy needs and wants
3. Save scarce resources
4. Maximise profit
5. Help government planning

Explain what is the basic economic problem?
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 2 – To satisfy needs and wants

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

Which one of the following statements is true?

Select ONE answer:

1. A normative statement can be proven to be true or false
2. A positive statement never contains the words could or should
3. A normative statement always includes words such as should and must
4. A positive statement can be tested against facts
5. A normative statement is always expressed in numerative terms.

Explain what is a normative statement:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

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

The answer is 4 – A positive statement can be tested against facts

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