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  1. Introductory concepts
  2. Market mechanism
  3. Elasticities  
  4. Market structures
  5. Market failures
  6. Macro activity/eco growth
  7. Inflation
  8. Employment & unemployment
  9. External Stability
  10. Income distribution
  11. Factors affecting economy
  12. Fiscal/Budgetary policy
  13. Monetary Policy
  14. Aggregate Supply Policies
  15. The Policy Mix
  16. Course revision


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 Course notes quick navigation

1 Introductory concepts 2  Market mechanism  3 Elasticities  4 Market structures 5  Market failures  6  Macro economic activity/eco growth  7 Inflation 8  Employment & unemployment  9  External Stability  10  Income distribution 11.Factors affecting economy  12  Fiscal/Budgetary policy  13  Monetary Policy   14 Aggregate Supply Policies  15 The Policy Mix

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The maximum score for each question is 100%. For every hint used, your percentage score is reduced by the ratio of that letter to the total letters required in the answer. For example, if the total number of letters within the gaps is 50 across the whole response, then each letter is worth 2 percentage points. Each hint will therefore reduce your score by 2 percentage points.

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1. Explain what is meant by a 'high price elasticity of demand' and discuss how the price elasticity of demand is likely to be affected for 'hire cars' following allegations that hire car companies are misleading and deceiving consumers. 4 marks

2. Discuss why the price elasticity of demand for petrol is likely to be low. 2 marks

3. Discuss why the price elasticity of supply for petrol is likely to be high. 2 marks

4. Define the 'price elasticity of demand' (PED) and explain how a reduction in the number of substitutes is likely to impact on the PED for a product.4 marks

5. Following a natural disaster that causes infrastructure damage to some coal mining facilities, discuss how the price elasticity of supply of coal is likely to be affected. 3 marks