I held the annual 50 question quiz during the last session of the CIE A2 revision course. I split the class into 5 teams (approx 4-5 in each) and asked 5 questions at a time – with a time limit also. Each team had whiteboards to draw / write answers and it was a nice way to finish the three days.
- What conditions have to be met to achieve allocative efficiency?
- Draw two features of productive efficiency
- What is dynamic efficiency?
- Social cost = ?
- Draw negative externalities of consumption
- What is meant by Tragedy of the Commons?
- What does an indifference curve show?
- Using indifference curves draw a giffen good.
- Where does the firm’s supply curve commence?
- Draw minimum efficient scale
- What assumption is made about a product in Perfect Competition?
- Draw short-run to long-run in Perfect Competition
- List 3 characteristics of an oligopoly
- Draw dead weight loss for a monopoly
- What is significant about the output where MC=MR=AC=AR?
- A natural monopoly achieves economies of scale at what outputs?
- What are the three types of price discrimination?
- It is a mistake to believe that ALL oligopolists face a kinked demand curve. Why?
- List 4 objectives of firms other than profit maximization.
- Contestable markets are characterised by 2 features. What are they?
- What is meant by X-inefficiency?
- Draw the impact of a pollution tax that reduces but does not eliminate a DWL.
- Draw buffer stock theory.
- Show the impact of an increase in GST on a Lorenz Curve.
- Perfect Labour market has a perfectly elastic supply curve. Why?
- Draw a monopsony labour market.
- Why does Christiano Ronaldo have a lot of economic rent?
- Define HDI, MEW and MPI
- List 5 limitations of GDP as an indicator of standard of living.
- Using LF, WAP and unemployed -work out the unemployment and participation rate
- Draw a reduction in the natural rate of unemployment.
- Consumption function = ?
- What are recessionary and inflationary gaps?
- Give the 2 equations to work out the multiplier.
- Explain the credit multiplier and what is the equation.
- How are bonds and interest rates related?
- Give 2 differences between Keynesians and Monetarists
- Draw a flow chart to show how microfinance can help developing countries.
- Why does the Phillips curve no longer have significant relevance?
- Deflation is…………………………
- What did Arthur Laffer draw on a paper napkin?
- How can healthy growth impact the balance of payments?
- Explain Hot Money
- Explain the internal and external value of money.
- Draw a recessionary gap using the 45° line.
- What is the hysteresis effect?
- A positive output gap is associated with what conditions in an economy?
- Name two limitations of the accelerator theory.
- What components of the Fisher equation stay constant?
- Who is Chairman of the US Federal Reserve?I
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