Edexcel Theme 1 Practice Questions

Free exam-style multiple-choice questions covering introduction to markets and market failure, written to the style and difficulty of the real Edexcel papers. Every question carries a full worked answer. Click any unit to expand its topics.

Available Topics

Click any unit below to see its topics · 166 questions across 22 topics, free and with no sign-up.

• 1.1 Nature of Economics

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  Economics as a social science, positive and normative statements, the economic problem, production possibility frontiers · 43 questions

  • 1.1.1 Economics as a Social Science 6 questions
  • 1.1.2 Positive and Normative Statements 6 questions
  • 1.1.3 The Economic Problem 7 questions
  • 1.1.4 Production Possibility Frontiers 9 questions
  • 1.1.5 Specialisation and the Division of Labour 8 questions
  • 1.1.6 Types of Economies 7 questions

• 1.2 How Markets Work

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  Rational decision making, demand, price elasticity, supply, price determination, consumer surplus · 79 questions

  • 1.2.1 Rational Decision Making 6 questions
  • 1.2.2 Demand 8 questions
  • 1.2.3 Elasticities of Demand 10 questions
  • 1.2.4 Supply 7 questions
  • 1.2.5 Price Elasticity of Supply 8 questions
  • 1.2.6 Price Determination 8 questions
  • 1.2.7 The Price Mechanism 7 questions
  • 1.2.8 Producer and Consumer Surplus 8 questions
  • 1.2.9 Indirect Taxes and Subsidies 10 questions
  • 1.2.10 Alternative Views of Consumer Behaviour 7 questions

• 1.3 Market Failure

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  Types of market failure, externalities, public goods, information gaps · 28 questions

  • 1.3.1 Types of Market Failure 5 questions
  • 1.3.2 Externalities 10 questions
  • 1.3.3 Public Goods 6 questions
  • 1.3.4 Information Gaps 7 questions

• 1.4 Government Intervention

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  Government intervention in markets, government failure · 16 questions

  • 1.4.1 Government Intervention in Markets 9 questions
  • 1.4.2 Government Failure 7 questions

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