30 Multiple Choice Questions - APT Initiatives

1 APT Initiatives Ltd, 2017. Registered Office: Millstone Lodge, Eaton Upon Tern, Market Drayton, Shropshire, TF9 2BX. Registered in England no. 5211217. Vat registration no. 815 7506 26. APT Initiatives Ltd Specialists in Business and Economics Education since Sept 1999 30 Multiple Choice Questions for AQA A-level ECONOMICS on Section Economic Methodology and the Economic Problem General Advice on Tackling the Multiple Choice Questions Multiple Choice Questions Answers with Supporting Explanations Minimising Workloads, Maximising Performance 1st Set of 30 of 540 Multiple Choice Questions Full set of 540 can be purchased from or individual sets of 30 from APT s Multiple Choice Questions for AQA A-level Economics.

2 Economic methodology and the economic problem APT Initiatives Ltd, 2017 i FOREWORD This resource is one of 18 sets of 30 Multiple Choice Questions to test students' knowledge and understanding of the subject content required to be covered for AQA A-level Economics ie on Individuals, Firms, Markets and Market Failure and The National and International Economy. There is also an Interactive version available - for use on a computer for students to complete in their own time, or during class as a group exercise. The full set of 540 Questions can be purchased from APT s website: Individual sets of 30 can be purchased from the TES website: The full set of 540 Questions contains a set of 30 Questions on each of the 14 subject content areas listed in the AQA A-level Economics specification (published for teaching from September 2015), ie 30 Multiple Choice Questions on each of the following numbered sections: Individuals, firms, markets and market failure.

3 Economic methodology and the economic problem Individual economic decision making Price determination in a competitive market Production, costs and revenue Perfect competition, imperfectly competitive markets and monopoly The labour market The distribution of income and wealth: poverty and inequality The market mechanism, market failure and government intervention in markets The national and international economy: The measurement of macroeconomic performance How the macroeconomy works : the circular flow of income, AD/AS analysis, and related concepts Economic performance Financial markets and monetary policy Fiscal policy and supply-side policies The international economy This particular set of 30 Questions relates to Section on Economic methodology and the economic problem.

4 The full set of 540 Questions also contains: 2 'end of section' tests, ie a set of 30 Questions testing aspects relating to Individuals, Firms, Markets and Market Failure and a set of 30 Questions testing aspects relating to The National and International Economy. 2 final tests of 30 Questions on any aspect of the AQA A-level Economics specification. These could form part of a mock examination for A-level Paper 3: Economic Principles and Issues. These 'final test' papers reflect the specimen assessment material produced by AQA for this paper (at the time of writing), with the majority of the Multiple Choice Questions assessing students' knowledge and understanding, but a significant proportion of Questions also testing their ability to apply their knowledge and understanding to various economic contexts to show how economic agents are affected by and respond to economic issues.

5 The resource, therefore, enables students to be tested at the end of each subject content area covered in class, as well as at the very end of their study of AQA A-level Economics. Supporting explanations are also provided for each question posed - further helping to consolidate students' knowledge and understanding. APT s Multiple Choice Questions for AQA A-level Economics: Economic methodology and the economic problem APT Initiatives Ltd, 2017 ii Whilst every effort has been made to provide appropriate Questions , as well as answers with explanations for the Questions posed, these Questions , answers and explanations are intended as an aid to the teacher who must retain full responsibility for checking specification requirements and the exam board assessment material, and the final delivery of subject matter to students.

6 In this context, APT is always available to discuss any aspect of the Questions , answers and explanations, should the teacher wish to discuss APT s interpretation. Other resources for AQA AS and A-level Economics: These Multiple Choice Questions for AQA A-level Economics are one of several resources produced by APT Initiatives Ltd to support teachers and students taking AQA AS and A-level Economics examinations. Multiple Choice Questions (interactive and printable tests) have also been produced for AS Section 1 and Section 2, and Practice (Mock) Exam Papers have been produced for A-level Paper 1 (on Section of the A-level Specification), Paper 2 (on Section of the A-level specification) and Paper 3 (on the entire specification).

7 Further information on each of these resources, as well as other resources for Business and Economics qualifications, is available on APT s website: APT Initiatives Ltd can be contacted directly with any orders, queries or feedback via the website: , via email: or by phone: 01952 540877. APT s Multiple Choice Questions for AQA A-level Economics: Economic methodology and the economic problem APT Initiatives Ltd, 2017 iii STUDENT INFORMATION SHEET TACKLING THE Multiple Choice Questions A Multiple Choice paper provides you with a good opportunity to achieve a high mark, but only if you know the subject matter and think logically.

8 In addition to revising thoroughly to learn the subject matter, the following points should be taken into account when tackling the Multiple Choice Questions for AQA A-level Economics (in Paper 3). 1. Pace yourself. You are advised to spend approximately 30 minutes on the 30 Multiple Choice Questions . On some Questions you should identify the correct response very quickly, others will take a little longer but you have an average of one minute per question. Don t rush your answer, but try to make sure that after 30 minutes you are in a position to move on to Section B of the examination.

9 2. Read the question very carefully. Work on the assumption that every word is of significance. 3. There is only one correct answer. Do not hedge your bets by suggesting two answers. If you give two answers then you will not get a mark (even if one is correct). 4. You should (a) identify the correct answer and (b) understand why the others are incorrect. Sometimes you can identify the correct answer by eliminating the wrong ones. Ideally, you should approach Questions from both angles. 5. There are no half marks. Even though one of the 3 distracters (incorrect answers) might be more valid than the other 2, you do not get half marks for spotting the half right answer.

10 The fact is that if it is only half right , then it is wrong. 6. It is very tempting to guess the answer when you are unsure. But, remember, there is only a one in four chance of guessing correctly and a three in four chance of guessing it wrong. Therefore, always try to work out the answer using your knowledge and logical thinking. Only guess the answer if you genuinely have no idea of what the correct answer is. 7. Be extra careful when answering most or least likely Questions , eg Which one of the following is most / least likely , and especially when answering any negative Questions eg Which one of the following is.