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A-Level Economics (AQA)

Micro and macroeconomics. AQA board.

Pass mark 24/40 60 minutes AQA How many can I get wrong?
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Q1. Which of the following best defines a 'market failure'?
  • A.  Any situation where a firm makes a loss
  • B.  A fall in the price of a good below its cost of production
  • C.  A misallocation of resources where the free market fails to achieve allocative efficiency
  • D.  A situation where government intervenes in an otherwise efficient market
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✓ Answer: C. A misallocation of resources where the free market fails to achieve allocative efficiency
Market failure occurs when the free market, left to its own devices, leads to an inefficient allocation of resources (marginal social benefit does not equal marginal social cost). It is not simply about firms making losses or prices falling, which can happen in perfectly efficient markets.
Q2. The price elasticity of demand for a good is calculated as -0.4. What does this tell us?
  • A.  Demand is price inelastic, so a price rise will increase total revenue
  • B.  Demand is price elastic, so a price rise will decrease total revenue
  • C.  Demand is unit elastic, so total revenue is unaffected by price changes
  • D.  Demand is perfectly inelastic, so quantity demanded never changes
Show answer & explanation
✓ Answer: A. Demand is price inelastic, so a price rise will increase total revenue
A PED of -0.4 has a magnitude below 1, meaning demand is price inelastic — quantity demanded changes proportionally less than price. Because demand is inelastic, raising price increases total revenue, since the percentage fall in quantity is smaller than the percentage rise in price.
Q3. In monopolistic competition, why does long-run equilibrium typically involve firms earning only normal profit, despite each firm having some price-setting power?
  • A.  Because government regulation caps prices
  • B.  Because firms are legally required to set price equal to marginal cost
  • C.  Because low barriers to entry allow new firms to enter and erode any supernormal profit over time
  • D.  Because marginal cost always equals average cost in this market structure
Show answer & explanation
✓ Answer: C. Because low barriers to entry allow new firms to enter and erode any supernormal profit over time
Just as in perfect competition, the absence of significant barriers to entry means that supernormal profits attract new entrants, whose differentiated products draw customers away from existing firms until demand falls enough that only normal profit remains. Unlike perfect competition, however, the resulting equilibrium output is not at the point of minimum average cost, since demand is downward-sloping.
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Markets & market failure · 35
Demand, supply & elasticity · 37
Costs, revenue & competition · 35
National income & AD/AS · 36
Macroeconomic policy · 37
International trade & development · 35
A-Level Economics (AQA) — common questions
Frequently asked
How many questions are in the A-Level Economics (AQA)?
The exam has 40 questions. Every Revision Robin mock uses the same 40-question format so your practice matches the real thing.
What is the pass mark for the A-Level Economics (AQA)?
You need 24 out of 40 correct to pass, which is about 60%. Our mocks mark you against this exact threshold.
How long do you get?
The test is timed at 60 minutes. Our full mock runs on the same clock so you can practise your pacing.
Are these the real exam questions?
No. Our questions are original and written to match the current syllabus, so they give realistic practice without copying the official paper. Every answer comes with a plain-English explanation. Always confirm current rules and content with AQA.