Quantitative Skills for Economics | OCR A-Level Economics (H460)
Quantitative Skills for Economics
- 26 questions
- 2 subtopics
- Across all three papers
- Component 01, Component 02 and Component 03
Quantitative Skills for Economics is applied across every paper.
26 recall questions across 2 subtopics.
Sample questions from Quantitative Skills for Economics
Answer each one closed book first, then open the answer.
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Ratios, percentages, averages, graphs, index numbers and real values
Unemployment falls from 8% of the labour force to 6%. State the fall in percentage points and calculate the percentage fall in the unemployment rate.
Show the answer
It is a fall of 2 percentage points, which is a 2 ÷ 8 = 25% fall in the rate itself. -
Ratios, percentages, averages, graphs, index numbers and real values
A worker's money wage is £30,000 in a year when the consumer price index stands at 120, with the base year at 100. Calculate the real wage at base-year prices.
Show the answer
The real wage is £30,000 × 100 ÷ 120 = £25,000 at base-year prices. -
Cost, revenue, profit and elasticity calculations
A firm has fixed costs of £20,000 and average variable cost of £13 at an output of 2,500 units. Calculate average fixed cost, average total cost and total cost.
Show the answer
Average fixed cost is £20,000 ÷ 2,500 = £8, average total cost is £8 + £13 = £21, and total cost is 2,500 × £21 = £52,500. -
Cost, revenue, profit and elasticity calculations
A 20% rise in market price brings forth a 10% increase in quantity supplied. What is the price elasticity of supply, and what does it suggest about the industry?
Show the answer
PES is 10 ÷ 20 = 0.5, so supply is inelastic, suggesting firms cannot expand output quickly, perhaps because of long production times or limited spare capacity.
The 2 subtopics
One subtopic is one session. Work down the list.
| Subtopic | What it covers | Questions |
|---|---|---|
| Ratios, percentages, averages, graphs, index numbers and real values | Recall questions on concentration ratios, ratios and fractions, percentage and percentage point changes, mean and median, reading line and scatter graphs, index numbers, real values and correlation. | 16 |
| Cost, revenue, profit and elasticity calculations | Recall questions on calculating total revenue, profit, average and marginal cost, marginal revenue, price, income and cross elasticity, price elasticity of supply, and price and volume changes. | 10 |
How the guide is worked
Answering a question from memory stores it far better than reading the answer again. The guide runs that as a fixed procedure on one subtopic at a time, about twenty minutes a session.
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Step 1 · Closed book
Cover the answers. Work through one subtopic and write down what you can. Leave blanks where you have nothing.
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Step 2 · Open book
Go back to the top. Read each printed answer and write it out in full, including the ones you had right.
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Step 3 · Closed book again
Same questions, same order, from memory. The gap between pass one and pass three is the session result.
Read the full method, the return schedule and the research behind it.
Nearby topics
OCR A-Level Economics Active Recall Guide
Every topic, not just this one. 1,226 questions with their answers.