A2 CIE Economics – 50 question quiz

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.

  1. What conditions have to be met to achieve allocative efficiency?
  2. Draw two features of productive efficiency
  3. What is dynamic efficiency?
  4. Social cost = ?
  5. Draw negative externalities of consumption
  6. What is meant by Tragedy of the Commons?
  7. What does an indifference curve show?
  8. Using indifference curves draw a giffen good.
  9. Where does the firm’s supply curve commence?
  10. Draw minimum efficient scale
  11. What assumption is made about a product in Perfect Competition?
  12. Draw short-run to long-run in Perfect Competition
  13. List 3 characteristics of an oligopoly
  14. Draw dead weight loss for a monopoly
  15. What is significant about the output where MC=MR=AC=AR?
  16. A natural monopoly achieves economies of scale at what outputs?
  17. What are the three types of price discrimination?
  18. It is a mistake to believe that ALL oligopolists face a kinked demand curve. Why?
  19. List 4 objectives of firms other than profit maximization.
  20. Contestable markets are characterised by 2 features. What are they?
  21. What is meant by X-inefficiency?
  22. Draw the impact of a pollution tax that reduces but does not eliminate a DWL.
  23. Draw buffer stock theory.
  24. Show the impact of an increase in GST on a Lorenz Curve.
  25. Perfect Labour market has a perfectly elastic supply curve. Why?
  26. Draw a monopsony labour market.
  27. Why does Christiano Ronaldo have a lot of economic rent?
  28. Define HDI, MEW and MPI
  29. List 5 limitations of GDP as an indicator of standard of living.
  30. Using LF, WAP and unemployed -work out the unemployment and participation rate
  31. Draw a reduction in the natural rate of unemployment.
  32. Consumption function = ?
  33. What are recessionary and inflationary gaps?
  34. Give the 2 equations to work out the multiplier.
  35. Explain the credit multiplier and what is the equation.
  36. How are bonds and interest rates related?
  37. Give 2 differences between Keynesians and Monetarists
  38. Draw a flow chart to show how microfinance can help developing countries.
  39. Why does the Phillips curve no longer have significant relevance?
  40. Deflation is…………………………
  41. What did Arthur Laffer draw on a paper napkin?
  42. How can healthy growth impact the balance of payments?
  43. Explain Hot Money
  44. Explain the internal and external value of money.
  45. Draw a recessionary gap using the 45° line.
  46. What is the hysteresis effect?
  47. A positive output gap is associated with what conditions in an economy?
  48. Name two limitations of the accelerator  theory.
  49. What components of the Fisher equation stay constant?
  50. Who is Chairman of the US Federal Reserve?I

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