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AS Econ - Micro - Complete Test June 15

Quiz by Mark Seccombe

EdExcel (A-Level)
Economics A
English National Curriculum

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18 questions
Show answers
  • Q1
    A production possibility frontier illustrates
    the maximum output an economy will ever be capable of producing.
    the various combinations of output which can be produced at zero opportunity cost to society.
    the various combinations of output an economy is currently capable of producing with its limited resources.
    the various combinations of output an economy will produce with its limited resources.
    45s
    1.1.4
  • Q2
    Which one of the following would be classified by an economist as an example of the factor of production known as capital?
    A delivery van
    Savings in the bank
    Stocks and shares
    Underground reserves of coal
    45s
    1.1.3
  • Q3
    Which of the following correctly identifies the operation of both the rationing and incentive functions of the price mechanism?
    Question Image
    A
    B
    C
    D
    45s
    1.2.7
  • Q4
    The most likely outcome of the maximum price shown would be
    Question Image
    excess supply of milk at EF.
    a reduction in price from Pmax to OP.
    the equilibrium price OP being maintained.
    a shortage of milk at EF.
    45s
    1.4.1c
  • Q5
    Which one of the following is the most likely reason for government intervention in a market to correct a misallocation of resources?
    An asymmetry of information
    A low price elasticity of supply of a good
    An excess market demand for a good
    Diseconomies of scale in production of a good
    45s
    1.3.1
  • Q6
    From the table, it may be concluded that
    Question Image
    the cross price elasticity of demand between Good X and Good W is positive.
    the demand for all four goods is price inelastic.
    as incomes fall, only the demand for Good Y and Good Z will rise.
    as incomes rise, the demand for Good Y and Good Z will rise, but by a smaller percentage.
    45s
    1.2.3b
  • Q7
    Which one of the following government policies should be used to correct the market failure that exists at point J?
    Question Image
    A per unit subsidy of FH
    A per unit subsidy of EG
    A per unit tax of EG
    A per unit tax of FG
    45s
    1.4.1a
  • Q8
    A pure public good is always
    available for consumption by others when consumed by an additional person
    provided by the government for all consumers
    provided free of charge because there is no opportunity cost
    heavily subsidised by the government
    45s
    1.3.3
  • Q9
    Which one of the following is true for a normal good with a downward sloping demand curve?
    YED: negative, PED: positive
    YED: negative, PED: negative
    YED: positive, PED: negative
    YED: positive, PED: positive
    45s
    1.2.3b
  • Q10
    Which one of the following would cause a rightward shift of the supply curve?
    A decrease in the cost of the raw materials used in the production of a substitute good
    The creation of a monopoly by the firms in the industry supplying Good X
    A reduction in the rate of Value Added Tax (VAT) applied to Good X
    An increase in the demand for Good X
    45s
    1.2.4
  • Q11
    A market is defined as being in equilibrium when
    prices are at their lowest possible level
    there is no tendency for the market price to change
    consumer satisfaction is maximised
    there is maximum output at minimum cost
    45s
    1.2.7
  • Q12
    Which diagram illustrates the effects of an increase in the price of a good that is complementary to Good X and an increase in labour productivity in the production of Good X?
    Question Image
    A
    B
    C
    D
    45s
    1.2.6
  • Q13
    If the PED for a firm's good is 0.6 and it raises the price, the revenue will...
    rise
    fall by less than 6 per cent
    stay the same
    fall by more than 6 per cent
    45s
    1.2.3a
  • Q14
    Specialisation and the division of labour require
    firms to be productively efficient
    competitive markets
    the economy to be on its production possibility boundary
    a means of exchanging goods and services
    45s
    1.1.5
  • Q15
    Public goods result in market failure because
    the marginal social cost of providing public goods exceeds the marginal social benefit
    pure public goods are both rival and excludable
    the positive externalities in consumption exceed the private benefits
    in the absence of government intervention, a working market for the product is unlikely to become established.
    45s
    1.3.3

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