Tag: KS4

Economics Multiple Choice Question – 8 April 2022

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

Photo by Kelly Lacy on Pexels.com

The table shows the ability of two countries, P and Q, to produce two goods, Y and Z.

  production of Y per person   production of Z per person

•country P   1000   1600

•country Q   1500   2000

Which statement is correct?

Select ONE answer:

  1. P has an absolute advantage in Z and Q has a comparative advantage in Y.
  2. P has an absolute advantage in Z and Q has an absolute advantage in Y.
  3. P has a comparative advantage in Y and Q has an absolute advantage in Z.
  4. P has a comparative advantage in Z and Q has an absolute advantage in Y.

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 April 2022

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

Photo by Kelly Lacy on Pexels.com

When is a transfer payment most likely to be an individual’s main source of income?

Select ONE answer:

  1. when employed
  2. when investing
  3. when saving
  4. when unemployed

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 – 1 April 2022

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

Photo by Kelly Lacy on Pexels.com

The government fixes a minimum price for a product above the current equilibrium price.

Which value for the product’s price elasticity of supply will result in the smallest excess supply in its market?

Select ONE answer:

  1. between zero and one
  2. greater than one
  3. one
  4. zero

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 – 29 March 2022

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

Photo by Kelly Lacy on Pexels.com

Lucy sells cakes for £100. Alex offers online economics tutoring for £200 per hour.

One hour of Alex’s top-class economics tutoring is worth two of Lucy’s excellent cakes.

Which function of money is being illustrated?

Select ONE answer:

  1. medium of exchange
  2. standard of deferred payment
  3. store of value
  4. unit of account

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.

Business Studies Multiple Choice Question – 31 January 2022

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

woman draw a light bulb in white board
Photo by Andrea Piacquadio on Pexels.com

The Big Adventure Company offers a range of niche holidays, such as walking Cannock Chase and climbing Pudding Hill.

Which one of the following would be the most appropriate marketing strategy for The Big Adventure Company to use?

Select ONE answer:

  1. Penetration pricing
  2. Specialist magazines
  3. Special offers
  4. National television

Show the workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Business Studies KS4 & KS5 classes

The answer is 2

  1. Not correct – because penetration pricing would not be needed as there is less competition and demand is likely to be price inelastic.
  2. Correct – A niche market is a small part of the overall market that has certain special characteristics or marketing strategies e.g. the combination of the 4Ps used to promote the product to the target market to achieve their goals. The Big Adventure Company only offers a small range of holidays and is not targeting the mass holiday market so focuses on specific types of holidays. Specialist magazines will be read by the target market and therefore provide the most effective means of communication.
  3. Not correct – because special offers are unlikely to be used as the product is more important than the price.
  4. Not correct – because the cost would be prohibitive for a small company and is more suitable for a mass market.

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