| How to use the practice exam questions |
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iv | |
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Unit 1 The basic economic problem: choice and the allocation of resources |
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1 | (1) |
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2 | (2) |
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1.2 Factors of production |
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4 | (2) |
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6 | (2) |
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1.4 Opportunity cost in action |
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8 | (5) |
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10 | (3) |
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Unit 2 Allocating resources: the market at work and market failure |
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13 | (1) |
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2.1 Allocating resources in an economy |
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14 | (2) |
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16 | (2) |
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18 | (2) |
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20 | (2) |
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2.5 Causes of changes in demand and the effect on the market |
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22 | (2) |
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2.6 Causes of changes in supply and the effect on the market |
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24 | (2) |
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2.7 Price elasticity of demand |
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26 | (2) |
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2.8 Price elasticity of supply |
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28 | (2) |
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2.9 Usefulness of price elasticity of demand |
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30 | (2) |
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2.10 Merits of the market system |
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32 | (2) |
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34 | (2) |
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2.12 Private and social costs and benefits |
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36 | (2) |
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2.13 Conflict between private and social interests |
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38 | (5) |
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40 | (3) |
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Unit 3 The individual as producer, consumer and borrower |
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43 | (1) |
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3.1 The functions of money |
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44 | (2) |
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46 | (2) |
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48 | (2) |
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50 | (2) |
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52 | (2) |
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3.6 Changes in earnings over time for an individual |
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54 | (2) |
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3.7 Differences in earnings between occupations 1 |
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56 | (4) |
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Differences in earnings between occupations 2 |
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58 | (2) |
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60 | (2) |
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62 | (2) |
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3.10 Motives for spending, saving and borrowing |
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64 | (2) |
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3.11 Income and expenditure patterns |
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66 | (5) |
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68 | (3) |
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71 | (1) |
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4.1 Sole proprietors and partnerships |
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72 | (2) |
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74 | (2) |
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76 | (2) |
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78 | (2) |
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80 | (2) |
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82 | (2) |
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4.7 Effects of changes on business growth |
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84 | (2) |
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4.8 The demand for factors of production |
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86 | (2) |
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4.9 Fixed and variable costs |
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88 | (2) |
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4.10 Total and average costs |
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90 | (2) |
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92 | (2) |
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4.12 Total and average revenue |
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94 | (2) |
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96 | (2) |
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4.14 Price and output in perfect competition |
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98 | (2) |
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4.15 Pricing and output policies in monopoly |
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100 | (2) |
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4.16 Different sizes of firms |
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102 | (2) |
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4.17 Different forms of integration |
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104 | (2) |
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4.18 Economies and diseconomies of scale |
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106 | (2) |
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4.19 Advantages and disadvantages of monopoly |
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108 | (5) |
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110 | (3) |
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Unit 5 The role of government in an economy |
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113 | (1) |
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5.1 The government as a producer and employer |
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114 | (2) |
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5.2 Government policy: full employment |
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116 | (2) |
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5.3 Government policy: price stability |
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118 | (2) |
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5.4 Government policy: economic growth |
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120 | (2) |
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5.5 Government policy: redistribution of income |
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122 | (2) |
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5.6 Government policy: balance of payments stability |
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124 | (2) |
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5.7 Conflicts between government aims |
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126 | (2) |
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128 | (2) |
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5.9 Government influence on private producers: regulation |
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130 | (2) |
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5.10 Government influence on private producers: subsidy |
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132 | (2) |
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5.11 Government influence on private producers: taxes |
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134 | (5) |
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136 | (3) |
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Unit 6 Economic indicators |
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139 | (1) |
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6.1 The Retail Price Index |
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140 | (4) |
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144 | (2) |
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6.3 Consequences of inflation |
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146 | (2) |
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6.4 Patterns and levels of employment |
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148 | (4) |
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6.5 Causes of unemployment |
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152 | (2) |
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6.6 Consequences of unemployment |
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154 | (2) |
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6.7 Gross Domestic Product |
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156 | (2) |
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6.8 Comparing living standards |
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158 | (7) |
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162 | (3) |
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Unit 7 Developed and developing economies |
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165 | (1) |
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166 | (2) |
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7.2 Policies to reduce poverty |
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168 | (2) |
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7.3 Factors that affect population growth |
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170 | (2) |
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7.4 Reasons for different rates of population growth |
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172 | (2) |
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7.5 Problems of population change |
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174 | (2) |
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7.6 The effect of changing size of population on an economy |
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176 | (2) |
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7.7 Changes in population structure and its effect on an economy |
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178 | (2) |
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180 | (5) |
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182 | (3) |
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Unit 8 International aspects |
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185 | (1) |
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8.1 Benefits and disadvantages of specialisation |
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186 | (2) |
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8.2 The current account of the balance of payments |
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188 | (2) |
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190 | (2) |
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8.4 Causes of exchange rate fluctuations |
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192 | (2) |
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8.5 Consequences of exchange rate fluctuations |
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194 | (2) |
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8.6 Methods of protection |
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196 | (2) |
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8.7 The merits of free trade |
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198 | (2) |
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8.8 The merits of protection |
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200 | (5) |
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202 | (3) |
| Glossary |
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205 | (5) |
| Index |
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210 | |
