England · AQAQ&A
EconomicsQ&A by dot point
A short Q&A bank for every England Economics syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
The national and international economy
- The components of aggregate demand, why the AD curve slopes downwards, the determinants of consumption, investment, government spending and net trade, and the multiplier.0Q&A pairs
- Short-run and long-run aggregate supply, the determinants of each, and the difference between the Keynesian and classical views of the long-run AS curve.0Q&A pairs
- The structure of the balance of payments, the current account and its components, the causes and consequences of current account deficits and surpluses, and policies to correct them.0Q&A pairs
- The difference between economic growth and economic development, measures of development, the barriers to development, and the strategies used to promote it.0Q&A pairs
- Actual and potential growth, the causes of growth, the phases of the economic cycle, output gaps, and the costs and benefits of economic growth.0Q&A pairs
- The measurement of unemployment, the types and causes of unemployment, the consequences of unemployment, and the significance of changes in employment and the labour force.0Q&A pairs
- Macroeconomic equilibrium where AD equals AS, the effects of shifts in AD and AS, and the difference between the Keynesian and classical analysis of equilibrium.0Q&A pairs
- Exchange rate systems, the determination of floating exchange rates, the causes and effects of appreciation and depreciation, and the Marshall-Lerner condition and the J-curve.0Q&A pairs
- Fiscal policy and the government budget, the use of taxation and government spending to influence AD and AS, the budget balance and national debt, and the limitations of fiscal policy.0Q&A pairs
- The meaning and causes of globalisation, the role of multinational corporations, and the costs and benefits of globalisation for countries, firms and consumers.0Q&A pairs
- The measurement of inflation, demand-pull and cost-push causes, the consequences of inflation and deflation, and the role of expectations.0Q&A pairs
- Absolute and comparative advantage and the gains from trade, the patterns of trade, the arguments for and against protectionism, and the role of trading blocs and the WTO.0Q&A pairs
- The main macroeconomic objectives, the use of GDP and real and nominal values, index numbers, and other indicators of living standards and well-being.0Q&A pairs
- Monetary policy, the role of the central bank, the use of interest rates and quantitative easing, the transmission mechanism, and the limitations of monetary policy.0Q&A pairs
- The circular flow of income, injections and withdrawals, the distinction between income, expenditure and output, and the concept of equilibrium national income.0Q&A pairs
- Supply-side policies, the distinction between market-based and interventionist measures, their effects on AS and the macroeconomic objectives, and their limitations.0Q&A pairs
Individuals, firms, markets and market failure
- Consumer surplus and producer surplus, how they are shown on a demand and supply diagram, and how they change when price, demand or supply changes.0Q&A pairs
- Fixed and variable costs, total, average and marginal cost, the shapes of the short-run cost curves, and the relationship between marginal and average cost.0Q&A pairs
- The demand curve, the law of demand and diminishing marginal utility, the conditions of demand and the causes of shifts in demand, and the distinction between movements along and shifts of the curve.0Q&A pairs
- Economics as a social science, the use of models and ceteris paribus, positive versus normative statements, and the role of value judgements in economic decision making.0Q&A pairs
- Internal and external economies of scale, diseconomies of scale, the long-run average cost curve, minimum efficient scale, and the link to returns to scale.0Q&A pairs
- Price, income and cross elasticity of demand and price elasticity of supply, their calculation and determinants, and the link between price elasticity of demand and total revenue.0Q&A pairs
- Government intervention to correct market failure through taxes, subsidies, regulation, price controls, tradable permits and provision, and the causes of government failure.0Q&A pairs
- Market failure and the types of efficiency, positive and negative externalities in production and consumption, and the welfare loss they create.0Q&A pairs
- The monopoly model, barriers to entry, the determination of price and output, the costs and benefits of monopoly, natural monopoly, and sources of monopoly power.0Q&A pairs
- The characteristics of oligopoly, concentration ratios, interdependence and the kinked demand curve, collusion and cartels, and price and non-price competition.0Q&A pairs
- The assumptions of perfect competition, short-run and long-run equilibrium, the entry and exit of firms, and the efficiency properties of the model.0Q&A pairs
- The production possibility frontier (PPF), opportunity cost shown by movements along it, economic growth and shifts of the PPF, specialisation, the division of labour, and the functions of money.0Q&A pairs
- The determination of equilibrium market prices, how excess demand and excess supply are eliminated, the functions of the price mechanism, and the effect of shifts in demand and supply.0Q&A pairs
- Price discrimination, the conditions required for it, the degrees of price discrimination, and its effects on firms, consumers and economic welfare.0Q&A pairs
- Production and productivity, the difference between them, specialisation and the division of labour, and the law of diminishing returns and returns to scale.0Q&A pairs
- Public goods and the free-rider problem, merit and demerit goods, information gaps and asymmetric information, and the under- or over-provision of these goods.0Q&A pairs
- Total, average and marginal revenue, the distinction between normal and supernormal profit, the profit-maximising rule, and alternative objectives of firms.0Q&A pairs
- The supply curve and the law of supply, the conditions of supply that shift it, the distinction between movements and shifts, and the role of profit, costs and indirect taxes and subsidies.0Q&A pairs
- Scarcity, the fundamental economic problem, finite resources and infinite wants, the factors of production, opportunity cost, and the basic economic questions of what, how and for whom to produce.0Q&A pairs
- The demand for and supply of labour, wage determination in competitive labour markets, the marginal revenue product of labour, monopsony and trade unions, and wage differentials.0Q&A pairs