Economics Multiple Choice Question – 7 May 2021

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

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When will the imposition of a tariff by a country on the goods and services of its major trading partners reduce the country’s expenditure on imports?

Select ONE answer:

  1. when the income elasticity of demand for imports is greater than 1
  2. when the price elasticity of demand for imports is greater than 1
  3. when the price elasticity of demand for imports is less than 1
  4. when the price elasticity of supply of imports is greater than 1

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

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

Economics Multiple Choice Question – 6 May 2021

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

sacks of coffee beans
Photo by Kelly Lacy on Pexels.com

Which is the MOST appropriate reason for the continued government ownership of a natural monopoly?

Select ONE answer:

  1. The government will guarantee competitive behaviour.
  2. The government will ignore any losses made by the monopoly.
  3. The government will maximise profits.
  4. The government will take account of external benefits.

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 4

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

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

Economics Multiple Choice Question – 5 May 2021

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

sacks of coffee beans
Photo by Kelly Lacy on Pexels.com

A government gives a subsidy to a producer of a product.

What will be the likely effect of this?

Select ONE answer:

  1. a shift to the left in the demand curve and a rise in equilibrium quantity
  2. a shift to the left in the supply curve and a rise in equilibrium quantity
  3. a shift to the right in the demand curve and a fall in equilibrium price
  4. a shift to the right in the supply curve and a fall in equilibrium price

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 4

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

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

Economics Multiple Choice Question – 4 May 2021

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

sacks of coffee beans
Photo by Kelly Lacy on Pexels.com

A government policy favours older people at the expense of younger people.

Which would be MOST likely to correct such an imbalance?

Select ONE answer:

  1. an increase in expenditure on government-provided pensions
  2. an increase in government-subsidised training schemes for school-leavers
  3. an increase in the rate of income tax on earned incomes
  4. an increase in the rate of interest on saving

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

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

Economics Multiple Choice Question – 3 May 2021

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

sacks of coffee beans
Photo by Kelly Lacy on Pexels.com

Which term is given to an income received by an individual for which there is no corresponding contribution to output?

Select ONE answer:

  1. profit
  2. revenue
  3. salary
  4. transfer payment

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 4

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

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