O Level · Cambridge 2281

Economics 2281

1,465 practice questions with worked solutions, organised by topic and past-paper session. Practise any question and get your answer marked instantly.

Practise by topic

The basic economic problem The nature of the economic problem The factors of production Opportunity cost Production possibility curve (PPC) diagrams The allocation of resources Microeconomics and macroeconomics The role of markets in allocating resources Demand Supply Price determination Price changes Price elasticity of demand (PED)Price elasticity of supply (PES)Market economic system Market failure Mixed economic system Microeconomic decision makers Money and banking Households Workers Trade unions Firms Firms and production Firms' costs, revenue and objectives Market structure Government and the macroeconomy The role of government The macroeconomic aims of government Fiscal policy Monetary policy Supply-side policy Economic growth Employment and unemployment Inflation and deflation Economic development Living standards Poverty Population Differences in economic development between countries International trade and globalisation International specialisation Globalisation, free trade and protection Foreign exchange rates Current account of balance of payments

By past paper

May/June 2016 May/June 2015

Example questions

The following are four uses of factors of production. Which is most likely to need the greatest amount of the factor enterprise?

The factors of production · May/June 2015

The table presents a country’s trade union membership, measured in millions, from 2008 to 2011. What conclusion can be drawn about the country’s trade union membership during 2008 to 2011?

Trade unions · May/June 2015

A bus driver chooses to work for more hours when the wage rate goes up. As his income rises, there comes a point at which he would rather have more leisure than continue working. Which supply curve, $S$, shows this situation?

Workers · May/June 2015

During 2013, a German medicines manufacturer acquired a UK business that operated a chain of pharmacies selling medicines. Which term best describes this takeover?

Globalisation, free trade and protection · May/June 2015

At what point is one firm regarded as more capital-intensive than another firm?

The factors of production · May/June 2015

During 2009, Gulf Airlines, which was operating at a loss, said that it planned to cut the number of new aircraft it had ordered. If it did so, which of its costs would be affected directly?

Firms' costs, revenue and objectives · May/June 2015

The diagram illustrates a firm's costs. What is the firm's total variable cost when output is $100$ units?

Firms' costs, revenue and objectives · May/June 2015

A government cuts the rate of interest. Which group is most likely to be negatively affected by this policy?

Monetary policy · May/June 2015

Which supply-side policy would lead to higher output in the long run?

Supply-side policy · May/June 2015

Russia is a wheat exporter. In 2010, a poor harvest led the Russian government to ban wheat exports in order to keep sufficient supplies for domestic use. What was the most likely result of the government’s decision?

Globalisation, free trade and protection · May/June 2015