Econ1 Objectives Test Questions
Objective test questions for AQA economics exams provide the following advice: - Bring a calculator and draw diagrams as needed to complete 25 multiple choice questions in 20-22 minutes, with about 8 questions each on supply and demand and market failure/government intervention and 3-4 on elasticities. - For supported multiple choice questions with EdExcel, select the correct option for 1 mark and provide explanations for up to 3 additional marks, using techniques like defining terms and drawing supply and demand diagrams. - When answering supported multiple choice questions for EdExcel, candidates should define key terms, consider the underlying economic concept, apply information like tax effects, and be prepared to annotate diagrams, tables, and show workings for percentages or calculations
Econ1 Objectives Test Questions
- 1. Objective test questions for AQA Bring a calculator Draw sketch diagrams if needed Aim to complete the 25 questions on the paper in 20-22 minutes Expect approximately 8 questions on supply and demand; 8 on market failure and government intervention; 3-4 on elasticities and 5-7 on others (PPC, opportunity cost, factors of production etc) Supported Multiple Choice Questions for EdExcel (i) There is one mark for selecting the correct option (ii) There are three marks for explanation (iii) It is possible to achieve 3 explanation marks even if the incorrect option has been selected The correct answer is B (1 mark) but how best to get the full 3 marks for this question? Define your terms i.e. price mechanism (a mechanism to allocate scarce resources through changes in demand and supply (gets 1 mark) Show a supply and demand diagram depicting a surplus and how a fall in price leads to market equilibrium (contraction in supply and extension in demand) (1+1 marks) General advice for supported MC questions (note: this refers to the EdExcel Board only) Define key terms throughout questions 1 to 8 on the EdExcel paper Consider the key concept or model that lies behind question Apply the information provided e.g. the effects of a tax or a subsidy on a market Annotate the diagrams provided in the question paper e.g. shading in or labelling areas of consumer & producer surplus, govt spending on a subsidy or agency spending on a buffer stock Be prepared to annotate tables of data too - complete them or make some simple calculations Be prepared to calculate percentages and show your workings, including a relevant formula Reject one or more of the options – remember to briefly explain why you have rejected them A suitable diagram can score two marks out of three - be prepared to offer simple diagrammatic analysis - this unit credits the application of demand and supply diagrams to economic issues Be prepared to offer economic analysis, for example, explaining how the free rider problem occurs in the provision of public goods. This will always be credited with marks. Offer real world examples as a way of applying theory - for example causes of geographical immobility, causes of imperfect information