Economics

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Exam Questions

Economics as a social scienceNew Economic models and assumptionsNew Ceteris paribusNew Limits of experiments in economicsNew Positive and normative statementsNew Positive vs normativeNew Value judgementsNew The economic problemNew Scarcity and choiceNew Renewable vs non-renewable resourcesNew Opportunity costNew Production possibility frontiersNew Opportunity cost and marginal analysisNew Efficient vs inefficient allocationNew Economic growth or decline (removal)New Capital vs consumer goodsNew Specialisation, division of labour and moneyNew Adam Smith and division of labourNew Benefits and costs of specialisationNew Specialisation for tradeNew Functions of moneyNew Economic systemsNew Free market, mixed and command economiesNew Advantages and disadvantages (free market vs command)New Role of the state in a mixed economyNew Rational decision makingNew Utility maximisationNew Profit maximisationNew DemandNew Movements vs shifts (demand)New Conditions of demandNew Diminishing marginal utilityNew Price, income and cross elasticities of demandNew PED, YED, XED calculationsNew Interpreting elasticity valuesNew Determinants of elasticitiesNew Uses of elasticity (firms and government)New PED and total revenueNew SupplyNew Movements vs shifts (supply)New Conditions of supplyNew Price elasticity of supplyNew PES calculation and interpretationNew Determinants of PESNew Short run vs long run (PES)New Price determinationNew Equilibrium price and quantityNew Excess demand and excess supplyNew Market adjustment to equilibriumNew Shifts in supply and demand (applications)New The price mechanismNew RationingNew IncentivesNew SignallingNew Price mechanism in local, national and global marketsNew Consumer and producer surplusNew Consumer surplusNew Producer surplusNew Surplus changes from shiftsNew Indirect taxes and subsidiesNew Indirect taxes: impact and incidenceNew Subsidies: impacts and welfare areasNew Role of elasticities in tax/subsidy outcomesNew Alternative views of consumer behaviourNew Social influencesNew Habit formationNew Bounded rationality (computation limits)New Types of market failureNew ExternalitiesNew Under-provision of public goodsNew Information gapsNew ExternalitiesNew Private vs external vs social costsNew Private vs external vs social benefitsNew Negative production externalities (welfare loss)New Positive consumption externalities (welfare gain)New Impacts on economic agentsNew Public goodsNew Public vs private goodsNew Non-rivalry and non-excludabilityNew Free rider problemNew Information gapsNew Symmetric vs asymmetric informationNew Resource misallocation from imperfect infoNew Government intervention in marketsNew Indirect taxation (specific and ad valorem)New SubsidiesNew Maximum and minimum pricesNew Tradable pollution permitsNew State provision of public goodsNew Provision of informationNew RegulationNew Government failureNew Distorted price signalsNew Unintended consequencesNew Administrative costsNew Information gapsNew

Economic growth measuresNew Real GDP growthNew Real vs nominalNew Total vs per capitaNew Value vs volumeNew Gross national income (GNI)New International comparisons and PPPsNew Limits of GDP for living standardsNew National wellbeing and happinessNew InflationNew Inflation, deflation and disinflationNew CPI calculationNew CPI limitationsNew RPI as alternativeNew Causes of inflation (demand-pull, cost-push, money supply)New Effects of inflationNew Employment and unemploymentNew Claimant count vs ILO measuresNew Unemployment vs under-employmentNew Employment, unemployment and inactivity ratesNew Causes of unemployment (structural, frictional, seasonal, cyclical, wage inflexibility)New Migration, skills and labour market outcomesNew Effects of unemploymentNew Balance of payments (UK context)New Current account and trade in goods/servicesNew Current account deficits and surplusesNew Links to macroeconomic objectivesNew Interdependence through tradeNew Aggregate demand (AD)New AD components (C+I+G+(X−M))New AD curve and shifts vs movementsNew Consumption (C)New Disposable incomeNew Saving vs consumption relationshipNew Interest rates, confidence and wealth effectsNew Investment (I)New Gross vs net investmentNew Growth, expectations and animal spiritsNew Exports, interest rates and credit conditionsNew Government and regulation impactsNew Government expenditure (G)New Trade cycle effectsNew Fiscal policy driversNew Net trade (X−M)New Real income effectsNew Exchange ratesNew World economyNew ProtectionismNew Non-price competitiveness factorsNew Aggregate supply (AS)New AS curve and shifts vs movementsNew Short-run vs long-run ASNew Short-run AS factorsNew Raw material and energy costsNew Exchange ratesNew Tax ratesNew Long-run ASNew Keynesian vs classical LRASNew TechnologyNew ProductivityNew Education and skillsNew RegulationNew Demographics and migrationNew Competition policyNew National incomeNew Circular flow of incomeNew Income vs wealthNew Injections and withdrawalsNew Effects on circular flowNew Equilibrium real national outputNew Equilibrium output conceptNew AD/AS shifts and equilibrium changesNew The multiplierNew Multiplier ratio and processNew Marginal propensities (MPC, MPS, MPT, MPM)New Multiplier calculations (1/(1−MPC), 1/MPW)New Multiplier and shifts in ADNew Causes of economic growthNew Growth driversNew Actual vs potential growthNew Export-led growthNew Output gapsNew Trend growth vs actual growthNew Positive vs negative output gapsNew Output gap diagrams (AD/AS)New Trade (business) cycleNew Boom characteristicsNew Recession characteristicsNew Impacts of economic growthNew Benefits and costs for consumers, firms and governmentNew Living standards (current and future)New Macroeconomic objectivesNew Economic growthNew Low unemploymentNew Low and stable inflationNew Current account balanceNew Balanced government budgetNew Environmental protectionNew Greater income equalityNew Demand-side policiesNew Monetary vs fiscal policyNew Interest ratesNew Quantitative easingNew Government spending and taxationNew Budget deficit vs surplusNew Direct vs indirect taxationNew AD/AS policy diagramsNew Bank of England and MPCNew Great Depression and 2008 crisis policy responsesNew Strengths and weaknesses of demand-side policiesNew Supply-side policiesNew Market-based vs interventionist approachesNew IncentivesNew CompetitionNew Labour market reformsNew Skills and trainingNew InfrastructureNew AD/AS policy diagramsNew Strengths and weaknesses of supply-side policiesNew Conflicts and trade-offsNew Objective conflictsNew Short-run Phillips curveNew Policy trade-offsNew

Sizes and types of firmsNew Reasons firms stay small or growNew Principal–agent problemNew Public vs private sector organisationsNew Profit vs not-for-profit organisationsNew Business growthNew Organic growthNew Vertical integration (forward/backward)New Horizontal integrationNew Conglomerate integrationNew Benefits and costs of growth methodsNew Constraints on growth (market size, finance, objectives, regulation)New DemergersNew Reasons for demergersNew Impacts on firms, workers and consumersNew Business objectivesNew Profit maximisationNew Revenue maximisationNew Sales maximisationNew SatisficingNew Objectives diagrams and formulaeNew RevenueNew Total, average and marginal revenueNew PED and revenue (calculations)New CostsNew Fixed vs variable costsNew Total, average and marginal costNew Short-run cost curves and diminishing marginal productivityNew SRAC vs LRACNew Economies and diseconomies of scaleNew Types of economies of scaleNew Types of diseconomies of scaleNew Minimum efficient scaleNew Internal vs external economiesNew Profits and lossesNew Profit maximisation conditionNew Normal profitNew Supernormal profitNew LossesNew Short-run vs long-run shut-down pointsNew EfficiencyNew Allocative efficiencyNew Productive efficiencyNew Dynamic efficiencyNew X-inefficiencyNew Efficiency across market structuresNew Perfect competitionNew CharacteristicsNew Short-run equilibriumNew Long-run equilibriumNew Monopolistic competitionNew CharacteristicsNew Short-run equilibriumNew Long-run equilibriumNew OligopolyNew Key characteristics (concentration, interdependence, barriers, differentiation)New Concentration ratios (n-firm)New Collusive vs non-collusive behaviourNew Cartels and price leadershipNew Game theory (prisoner’s dilemma)New Price competition (wars, predatory, limit)New Non-price competitionNew MonopolyNew CharacteristicsNew Profit maximising equilibriumNew Third-degree price discriminationNew Monopoly costs and benefits (stakeholders)New MonopsonyNew Conditions for monopsonyNew Costs and benefits (stakeholders)New Contestable marketsNew CharacteristicsNew Barriers to entry and exitNew Sunk costs and contestabilityNew Behavioural implicationsNew Demand for labourNew Determinants of labour demandNew Derived demandNew Supply of labourNew Determinants of labour supplyNew Labour market immobility (geographical and occupational)New Wage determinationNew Competitive labour markets (equilibrium)New Non-competitive labour marketsNew Current labour market issuesNew Labour market intervention (min/max wages, public pay, mobility policies)New Elasticities of labour demand and supplyNew Government intervention (product markets)New Merger controlNew Monopoly regulation (price, profit, quality, targets)New Promoting competition (small business, deregulation, tendering, privatisation)New Protecting suppliers and employees (monopsony restrictions, nationalisation)New Impacts and limits of interventionNew Prices, profits, efficiency, quality, choiceNew Regulatory captureNew Asymmetric informationNew

GlobalisationNew Characteristics of globalisationNew Drivers of globalisation (last 50 years)New Impacts on stakeholders and environmentNew Specialisation and tradeNew Absolute advantageNew Comparative advantage (numerical and diagrammatic)New Assumptions and limits of comparative advantageNew Trade benefits and costsNew Pattern of tradeNew Comparative advantage and trade flowsNew Emerging economies and tradeNew Trading blocs and bilateral agreementsNew Exchange rate effects on tradeNew Terms of tradeNew Terms of trade calculationsNew Determinants of terms of tradeNew Impacts of terms of trade changesNew Trading blocs and the WTONew Free trade areasNew Customs unionsNew Common marketsNew Monetary unions (Eurozone conditions)New Costs and benefits of regional trade agreementsNew WTO role in liberalisationNew Conflicts between RTAs and WTONew Restrictions on free tradeNew Reasons for protectionismNew TariffsNew QuotasNew Subsidies to domestic producersNew Non-tariff barriersNew Impacts of protectionism (stakeholders, living standards, equality)New Balance of payments (global)New Current accountNew Capital and financial accountsNew Causes of current account imbalancesNew Policies to reduce imbalancesNew Global trade imbalancesNew Exchange ratesNew Floating, fixed and managed systemsNew Appreciation vs revaluationNew Depreciation vs devaluationNew Determinants of floating exchange ratesNew Currency market intervention (FX transactions, interest rates)New Competitive devaluation/depreciationNew Impacts on current account (Marshall–Lerner, J-curve)New Impacts on growth, employment, inflation and FDINew International competitivenessNew Relative unit labour costsNew Relative export pricesNew Determinants of competitivenessNew Benefits and costs of competitivenessNew PovertyNew Absolute povertyNew Relative povertyNew Poverty measuresNew Causes of poverty changesNew InequalityNew Income vs wealth inequalityNew Lorenz curveNew Gini coefficientNew Causes of inequality (within and between countries)New Development and inequalityNew Capitalism and inequalityNew Development measuresNew Human development index (dimensions and construction)New HDI strengths and limitationsNew Other development indicatorsNew Factors influencing growth and developmentNew Primary product dependencyNew Commodity price volatilityNew Savings gap (Harrod–Domar)New Foreign currency gapNew Capital flightNew DemographicsNew DebtNew Access to credit and bankingNew InfrastructureNew Education and skillsNew Property rightsNew Non-economic factorsNew Development strategiesNew Market-oriented strategiesNew Interventionist strategiesNew Other strategies (industrialisation/Lewis, tourism, primary industries, fairtrade, aid, debt relief)New International institutions and NGOs (World Bank, IMF, NGOs)New Role of financial marketsNew Saving facilitationNew Lending to businesses and individualsNew Payments and exchange of goods/servicesNew Forward markets (currencies and commodities)New Equity marketsNew Market failure in the financial sectorNew Asymmetric informationNew ExternalitiesNew Moral hazardNew Speculation and bubblesNew Market riggingNew Role of central banksNew Monetary policy implementationNew Banker to governmentNew Lender of last resortNew Banking regulation roleNew Public expenditureNew Capital vs current spending vs transfer paymentsNew Changing size and composition of public spendingNew Spending/GDP impacts (growth, living standards, crowding out, taxation, equality)New TaxationNew Progressive, proportional and regressive taxesNew Incentives to workNew Laffer curve and tax revenuesNew Income distribution effectsNew Output and employment effectsNew Price level effectsNew Trade balance effectsNew FDI flow effectsNew Public sector financesNew Automatic stabilisers vs discretionary fiscal policyNew Fiscal deficit vs national debtNew Structural vs cyclical deficitsNew Determinants of deficits and debtsNew Significance of deficit and debt levelsNew Macroeconomic policies in a global contextNew Policy mix across countries (fiscal, monetary, exchange rate, supply-side, controls)New Reducing deficits and debtsNew Tackling poverty and inequalityNew Interest rates and money supply changesNew Raising international competitivenessNew Responding to external shocksNew Regulating transnational companies (transfer pricing, limits to control)New Policy challenges (info, risk, external shocks)New

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Economics

Exam Questions

Theme 1: Introduction to Markets and Market Failure

Theme 2: The UK Economy – Performance and Policies

Theme 3: Business Behaviour and the Labour Market

Theme 4: A Global Perspective

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