MCQ Quiz Generator

Exam Board:
Eduqas AQA WJEC OCR

Topic:
Scarcity, choice and opportunity cost Production possibility frontiers (PPFs) Specialisation, division of labour and exchange Factors influencing demand and supply in product markets The determination of equilibrium price and output in a freely competitive market Consumer and producer surplus Price, income and cross price elasticities of demand, price elasticity of supply Wage determination Labour market issues How resources are allocated in a free market economy Costs, revenues and profits The growth of firms Efficiency Background to Market Structures Business Objectives Perfect Competition Monopolistic Competition Monopoly Oligopoly Understanding Market Failure Why and how governments intervene in markets The effects of government intervention The circular flow of income model The components of aggregate demand (AD) The AD function The aggregate supply (AS) function Short run aggregate supply (SRAS) Long run aggregate supply (LRAS) AD/AS Analysis The short run Phillips curve Government policy objectives Actual vs potential economic growth Unemployment Inflation and deflation The balance of payments Control of the national (public sector) debt Fiscal Policy Monetary Policy Financial Stability Exchange rates and exchange rate policy Supply Side Policies International Trade Measurement of Economic Development Obstacles to Economic Development