Tag: KS5

Which goods have more elastic demands?

Select ONE answer:

1. goods which are necessities
2. goods with few substitutes
3. goods whose purchase represents a small percentage of income
4. goods with many substitutes

What is the implication for firms of changes in unemployment?

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

The answer is 4

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To maximise its revenue……?

Select ONE answer:

1. a firm facing inelastic demand should always raise its price. 
2. a firm should always charge the highest price possible regardless of the elasticity of demand.
3. a firm facing elastic demand should always raise its price.
4. None of the above answers is correct.

What is the implication for firms of changes in taxation?

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

The answer is 1

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Demand is inelastic when a price ________ results in total revenue ________  ?

Select ONE answer:

1. fall; increasing
2. rise; decreasing
3. rise, increasing
4. fall, remaining the same

What is the implication for firms of changes in exchange rates?

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

The answer is 3

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

Demand curves with which of the following shapes will have constant elasticities at every point?

Select ONE answer:

1. demand curves that are perfectly horizontal lines
2. demand curves that are perfectly vertical lines
3. demand curves that are rectangular hyperbolas
4. all of the above

What is the implication for firms of changes in interest rates?

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

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

The answer is 4

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

Demand is price inelastic if a relatively ________ price increase leads to a relatively ________ in the quantity demanded.

Select ONE answer:

1. small; large increase
2. small; large decrease
3. large; small decrease
4. large; small increase

What is meant by the “Specialisation”?

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

The answer is 3

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