A-Level Economics Revision Quiz

Welcome to our A-level economics revision quiz!

12 questions.

Economics is a crucial subject that examines the allocation of resources, market behavior, and economic policy. This quiz will help you revise essential economic concepts and test your readiness for the A-level exam. Let’s begin!

For each question there will be 4 possible answers to choose from, tick which answer you think is correct and you will get your test results at the end of the quiz!

Take your time, read each question carefully, and aim to do your best. Remember, the more you practice, the stronger your economics will become. Good luck!

What does the law of demand state?

As price increases, demand increases

As price increases, demand decreases

As income increases, demand decreases

As price increases, supply decreases

Which of the following is a characteristic of a perfectly competitive market?

High barriers to entry

Many buyers and sellers with identical products

Product differentiation

Limited consumer choice

What is GDP a measure of?

The total income of a country

The total value of goods and services produced within a country

The income earned by residents in a country

The national debt of a country

Which of the following is an example of a public good?

A smartphone

National defense

A branded pair of shoes

A private health insurance policy

What does the term 'elasticity of demand' refer to?

The relationship between supply and price

The responsiveness of quantity demanded to a change in price

The degree of government intervention in the market

The effect of advertising on demand

What is the primary goal of monetary policy?

To reduce government spending

To regulate international trade

To control inflation and stabilize the currency

To promote economic growth

What is the formula for calculating the price elasticity of demand (PED)?

% change in quantity supplied / % change in price

% change in price / % change in quantity demanded

% change in quantity demanded / % change in price

% change in income / % change in demand

What is an example of a negative externality?

Pollution from factories

A public park

A private educational service

A luxury car purchase

Which of the following is a feature of a monopoly market structure?

Many firms selling similar products

One firm dominates the market with no close substitutes

Easy entry and exit into the market

Low barriers to entry

What is fiscal policy primarily concerned with?

Regulating money supply

Government spending and taxation

Controlling interest rates

Managing international trade agreements

Which of the following would lead to an increase in aggregate demand?

A rise in interest rates

A decrease in taxes

A decrease in government spending

An increase in unemployment

What is meant by the term ‘opportunity cost’?

The price paid for a good

The cost of forgoing the next best alternative

The total cost of production

The total revenue generated from a sale

Economics Quiz (A-level)

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