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AQA A Level Economics 2024 Exam Questions and Answers
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AQA A Level Economics 2024 Exam Questions and Answers
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AQA A Level Economics 2024 ExamQuestions and Answers
What is the difference between positive and normative
statements? - Answer>> Positive statements can be tested to
see if they are correct, whereas normative statements cannot.
Machinery is an example of what factor of production? -
Answer>> Capital
Why are value judgements important? - Answer>> So you can
choose between options in a way most people think is fair
Why does the fundamental economic problem exist? -
Answer>> People have unlimited wants but resources are
scarce to make these goods
People choose to _________ something - Answer>> maximise
When a choice must be made, what do people choose? -
Answer>> People choose what they think at the time is the best
alternative
What is the opportunity cost? - Answer>> The cost of giving up
the next best alternative
Can someone act rationally and be wrong? - Answer>> Yes,
but they are only rational if they don't make the same mistake
again
If a point on a PPD moves closer to the PPF, what is this? -
Answer>> Short-run economic growth
, What are all the points on the PPF? - Answer>> productively
efficient
Are all the points on the PPF allocatively efficient? - Answer>>
Not necessarily, as it may not be what people want. Allocative
efficiency requires value judgements.
How is the equilibrium price set? - Answer>> By interaction of
buyers and sellers in a market
What is the difference between effective and latent demand? -
Answer>> Effective demand is the desire for a good or service
backed by an ability to pay, whereas latent demand is the desire
for a good or service without means to pay.
What does the 'law' of demand state? - Answer>> That as a
good's price falls, more is demanded
According to the 'law' of demand, what is the relationship between
price and quantity demanded? - Answer>> inverse
What does the x axis on a demand curve actually refer to? -
Answer>> Quantity demanded per period of time
When does movement along a demand curve take place? -
Answer>> When the good's price changes
What cannot shift the demand curve? - Answer>> Price
What way will a demand curve shift if there is an increase in price
of a substitute good? - Answer>> Rightwards
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