Look inside the AQA A-Level Economics guide (7136)

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Look inside the AQA A-Level Economics guide

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AQA · A-Level · 7136
Economics
Active Recall Guide
2,344 questions
EconomicsContents
Contents
14 topics, 146 subtopics
  1. Economic Methodology and the Economic Problem31
  2. Individual Economic Decision Making70
  3. Price Determination in a Competitive Market170
  4. Production, Costs and Revenue106
  5. Perfect Competition, Imperfectly Competitive Markets and Monopoly381
  6. The Labour Market144
  7. The Distribution of Income and Wealth: Poverty and Inequality128
  8. The Market Mechanism, Market Failure and Government Intervention249
  9. The Measurement of Macroeconomic Performance51
  10. How the Macroeconomy Works176
  11. Economic Performance222
  12. Financial Markets and Monetary Policy204
  13. and 2 more
ii
Individual Economic Decision MakingQuestions
Individual Economic Decision Making
Consumer behaviour and utility
  1. What does rational economic decision making assume about how individuals make choices?
  2. Define economic incentives.
  3. Give an example of an economic incentive that might discourage a particular behaviour.
  4. What is total utility?
  5. Define marginal utility.
  6. How does marginal utility differ from total utility?
  7. State the hypothesis of diminishing marginal utility.
  8. Why does the marginal utility of a good typically decrease as consumption increases?
  9. How does diminishing marginal utility explain the downward slope of a demand curve?
12
Individual Economic Decision MakingAnswers
Answers
Consumer behaviour and utility
  1. It assumes individuals weigh up costs and benefits to maximise their own welfare.
  2. Economic incentives are factors that motivate individuals to change their behaviour, including financial rewards, penalties, or changes in relative prices.
  3. A penalty or tax that increases the cost of an activity, making it less attractive to undertake.
  4. Total utility is the overall satisfaction a consumer derives from consuming a given total quantity of a good or service.
  5. Marginal utility is the additional satisfaction gained from consuming one more unit of a good or service.
  6. Marginal utility measures the extra satisfaction from one additional unit, whereas total utility measures the cumulative satisfaction from all units consumed.
  7. As a consumer consumes additional units of a good, the extra satisfaction from each successive unit tends to fall.
  8. Because each successive unit provides less additional satisfaction than the previous one, as the consumer's desire for the good becomes increasingly satisfied.
  9. Consumers are only willing to pay less for additional units because each successive unit yields progressively smaller increases in satisfaction.
13
The Labour MarketQuestions
The Labour Market
The supply of labour
  1. What are the two broad categories of factors that influence the supply of labour to a particular occupation?
  2. Give an example of a monetary consideration that affects the supply of labour to an occupation.
  3. Apart from the basic wage rate, give two monetary considerations that can affect the supply of labour to an occupation.
  4. How do job satisfaction and dissatisfaction affect the supply of labour to an occupation?
  5. Why are working conditions considered a non-monetary factor affecting labour supply?
  6. What does the supply curve for labour show?
  7. Why is the labour supply curve for an occupation typically upward sloping?
  8. What causes a shift in the market supply curve for labour?
  9. How can changes in the size of the working population affect the labour supply curve for an occupation?
34
The Labour MarketAnswers
Answers
The supply of labour
  1. Monetary considerations and non-monetary considerations.
  2. The wage rate offered in that occupation.
  3. Overtime pay and fringe benefits such as a company pension.
  4. They are non-monetary considerations that influence workers' willingness to enter or remain in an occupation, affecting labour supply independently of the wage rate.
  5. Working conditions (such as safety, hours, or physical environment) influence workers' decisions to supply labour to an occupation beyond just the wage offered.
  6. The relationship between the wage rate and the number of workers willing to work in a particular occupation.
  7. Because higher wage rates attract more workers to that occupation, so the quantity of labour supplied increases as the wage rises.
  8. A change in a non-wage factor, causing more or fewer workers to supply labour at every wage rate.
  9. An increase in the working population shifts the labour supply curve to the right; a decrease shifts it to the left.
35
Economic PerformanceQuestions
Economic Performance
Short-run and long-run economic growth
  1. What is short-run economic growth?
  2. What does long-run economic growth represent?
  3. What does the term 'long-run economic growth' refer to in practice?
  4. How is short-run growth represented on a production possibility curve?
  5. On an AD/AS diagram, how is short-run economic growth illustrated?
  6. How can changes in consumption act as a demand-side determinant of short-run growth?
  7. How does investment function as a demand-side determinant of short-run growth?
  8. How does government spending influence short-run economic growth from the demand side?
  9. How do net exports act as a demand-side determinant of short-run growth?
56
Economic PerformanceAnswers
Answers
Short-run and long-run economic growth
  1. An increase in real GDP that occurs when the economy moves from a point inside towards its existing production possibility frontier, utilising previously unemployed resources.
  2. An increase in the productive capacity of the economy, representing an outward shift of the production possibility frontier.
  3. How fast real national output grows on trend over time.
  4. By a movement from a point inside the frontier towards the frontier.
  5. By a rightward shift of the AD curve along a given SRAS curve.
  6. An increase in consumption raises aggregate demand, leading to higher real GDP in the short run.
  7. Higher investment spending increases aggregate demand, contributing to short-run economic growth.
  8. Increased government spending raises aggregate demand, boosting real GDP in the short run.
  9. An increase in net exports (exports minus imports) raises aggregate demand, contributing to short-run growth.
57
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