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Exam Review

Key Facts: Pancyprian Economics Exam

024

Official subject code for ΟΙΚΟΝΟΜΙΚΑ in the 2026 Pancyprian Access Examinations

Cyprus Examinations Service

3 hours

Official examination duration from the 2026 timetable

Cyprus Examinations Service

EUR 25

2026 fee per access subject (not code 032)

Cyprus Examinations Service

0–20

Marking scale for each Pancyprian subject

Cyprus Examinations Service

8–26 June 2026

Examination period of the 2026 Pancyprian Access Examinations

Cyprus Examinations Service

100

Original practice questions in this study bank

OpenExamPrep

Free 100-question English-language MCQ study bank for Pancyprian Economics (code 024). Official duration: 3 hours (08:00–11:00 per the official 2026 timetable). Official fee: EUR 25.00 per access subject in 2026. This bank is a study aid, not an official translation or format simulation.

Sample Pancyprian Economics Practice Questions

Try these sample questions to review concepts for the Pancyprian Economics exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1In economics, 'demand' for a good is best defined as:
A.The total quantity of the good that producers offer for sale at various prices
B.The quantities of the good that consumers are willing and able to buy at various prices over a given period
C.The quantity of the good that consumers actually purchase at the prevailing market price
D.The desire consumers feel for the good, regardless of their ability to pay for it
Explanation: Demand is a schedule (or curve) relating prices to the quantities consumers are both willing AND able to buy, other things equal. Both willingness and purchasing power are required; a mere want without the ability to pay is not demand.
2The law of demand states that, ceteris paribus:
A.as the price of a good falls, the quantity demanded of it rises
B.as consumer income rises, demand for every good rises
C.as the price of a good rises, supply of it increases
D.quantity demanded always equals quantity supplied
Explanation: The law of demand describes the inverse relationship between a good's own price and the quantity demanded, holding all other influences constant. This is why demand curves normally slope downwards from left to right.
3A fall in the price of oranges, with all other factors unchanged, causes:
A.a rightward shift of the demand curve for oranges
B.a leftward shift of the demand curve for oranges
C.a movement down along the existing demand curve for oranges
D.a movement up along the existing supply curve for oranges
Explanation: A change in the good's own price causes a movement along the demand curve (a change in quantity demanded), not a shift of the curve. A lower price leads to an extension of demand — a move down along the curve. Shifts come only from changes in non-price determinants such as income, tastes or prices of related goods.
4Coffee and sugar are complementary goods. If the price of coffee falls significantly, the market for sugar will experience:
A.a decrease in demand for sugar, shifting its demand curve to the left
B.an increase in demand for sugar, shifting its demand curve to the right
C.a movement down along the sugar demand curve only, with no shift
D.no change, because the price of sugar itself has not changed
Explanation: Complements are consumed together, so a fall in the price of coffee raises the quantity of coffee demanded and, with it, the demand for sugar at every price of sugar. This is a rightward shift of the sugar demand curve. The price of a related good is a non-price determinant of demand, so it shifts rather than moves along the curve.
5Tea and coffee are substitute goods. Other things equal, a rise in the price of tea will cause:
A.the demand curve for coffee to shift to the left
B.the demand curve for coffee to shift to the right
C.a movement up along the coffee demand curve
D.the supply curve of coffee to shift to the right
Explanation: When two goods are substitutes, a rise in the price of one makes the other relatively more attractive, so consumers switch towards it. Demand for coffee rises at every price, shifting the coffee demand curve to the right.
6For a normal good, an increase in consumers' real income will, ceteris paribus:
A.shift the demand curve for the good to the right
B.shift the demand curve for the good to the left
C.cause a movement up along the demand curve
D.shift the supply curve of the good to the right
Explanation: A normal good is one whose demand rises as income rises. Higher real income increases purchasing power, so consumers demand more at every price — a rightward shift of the demand curve. Most goods and services are normal goods.
7Which statement best describes an inferior good?
A.A good of low physical quality that breaks easily
B.A good whose demand falls as consumer income rises
C.A good whose demand is perfectly price inelastic
D.A good for which there are no substitutes available
Explanation: 'Inferior' is a technical term about the income-demand relationship, not about quality: demand for an inferior good falls as income rises because consumers switch to more expensive alternatives (e.g. from basic staples to premium products). Inferior goods have a negative income elasticity of demand.
8The law of supply states that, ceteris paribus:
A.supply increases when demand increases
B.the quantity supplied of a good rises as its price rises
C.producers will always supply more when costs fall
D.quantity supplied is unrelated to price in the short run
Explanation: The law of supply describes the direct relationship between a good's own price and the quantity producers are willing to offer, other things equal — hence the upward-sloping supply curve. Higher prices make production more profitable and draw more output from existing and new producers.
9If the price of raw materials used to make furniture rises sharply, ceteris paribus, the furniture market will see:
A.the supply curve of furniture shift to the right
B.the supply curve of furniture shift to the left
C.a movement up along the furniture supply curve
D.the demand curve for furniture shift to the left
Explanation: A rise in input prices raises production costs, so producers offer less output at every price — a leftward (decrease) shift of supply. Input costs are a non-price determinant of supply, so they shift the curve rather than cause a movement along it.
10In a free market, the equilibrium price is the price at which:
A.the government fixes the quantity to be traded
B.quantity demanded equals quantity supplied, leaving no tendency for price to change
C.all consumers who want the good can afford to buy unlimited amounts
D.producers maximise their total revenue
Explanation: Equilibrium occurs where the demand and supply curves intersect: the quantity buyers wish to purchase exactly equals the quantity sellers wish to offer, so there is no surplus or shortage pressing the price up or down. It is the market-clearing price.

About the Pancyprian Economics Exam

The Pancyprian Access Examination in Economics (code 024, ΟΙΚΟΝΟΜΙΚΑ) is a centrally set 2026 subject assessment administered by the Examinations Service of the Cyprus Ministry of Education, Sport and Youth for university admission ranking in Cyprus and Greece. A 3-hour written Economics paper in Greek with theory and applied problem-solving. English-language MCQ study adaptation of micro/macro syllabus content; not an official translation or format simulation.

Exam sponsor: Examinations Service, Cyprus Ministry of Education, Sport and Youth. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

A 3-hour written Economics paper in Greek with theory and applied problem-solving. English-language MCQ study adaptation of micro/macro syllabus content; not an official translation or format simulation.

Time Limit

3 hours (08:00–11:00 per the official 2026 timetable)

Passing Score

Marked on a 0–20 scale; no pass mark — feeds the access/ranking grade (βαθμός πρόσβασης) for Cyprus and Greece public university allocation.

Exam / Certification Fees

EUR 25.00 per access subject for 2026 (EUR 50.00 only for Practical Physical Performance Test code 032), payable electronically by card during the official 2–17 April 2026 payment window per Examinations Service notices.

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

18%

Demand Supply Markets

Practice coverage of demand supply markets mapped to the official Pancyprian syllabus for this subject.

14%

Production And Costs

Practice coverage of production and costs mapped to the official Pancyprian syllabus for this subject.

14%

National Income

Practice coverage of national income mapped to the official Pancyprian syllabus for this subject.

12%

Elasticity

Practice coverage of elasticity mapped to the official Pancyprian syllabus for this subject.

12%

Market Structures

Practice coverage of market structures mapped to the official Pancyprian syllabus for this subject.

12%

Inflation And Unemployment

Practice coverage of inflation and unemployment mapped to the official Pancyprian syllabus for this subject.

18%

Fiscal And Monetary Policy

Practice coverage of fiscal and monetary policy mapped to the official Pancyprian syllabus for this subject.

Preparing for the Pancyprian Economics Exam

What You Need to Know

  • Passing score: Marked on a 0–20 scale; no pass mark — feeds the access/ranking grade (βαθμός πρόσβασης) for Cyprus and Greece public university allocation.
  • Assessment: A 3-hour written Economics paper in Greek with theory and applied problem-solving. English-language MCQ study adaptation of micro/macro syllabus content; not an official translation or format simulation.
  • Time limit: 3 hours (08:00–11:00 per the official 2026 timetable)
  • Exam / certification fees: EUR 25.00 per access subject for 2026 (EUR 50.00 only for Practical Physical Performance Test code 032), payable electronically by card during the official 2–17 April 2026 payment window per Examinations Service notices. Official sources

Using Our Practice Resources

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

Pancyprian Economics: Suggested Study Strategy

1Read the official 2026 specification row for code 024 (ΟΙΚΟΝΟΜΙΚΑ) on the Examinations Service guide before drilling MCQs.
2After each wrong answer, rewrite the rule or concept in your own words with one new example.
3Schedule weekly timed practice with official past papers so you build the non-MCQ skills the real paper requires.
4Track weak categories from this bank and re-test them after 48 hours.
5Confirm logistics (centre, materials, language of response) from panexams.moec.gov.cy announcements, not from third-party summaries.

Frequently Asked Questions

Is this the official Pancyprian Economics exam?

No. The official assessment is administered by the Cyprus Examinations Service as a constructed-response, drawing, performance or mixed paper under code 024. This bank is a free English-language MCQ study adaptation for revision; practise every required non-MCQ component with official past papers and the specification.

How is the subject marked?

Like all Pancyprian access subjects it is marked on a 0–20 scale. There is no pass mark; the grade contributes to the access/ranking grade used for admission to public universities in Cyprus and Greece.

What is the 2026 exam fee?

EUR 25.00 per access subject (EUR 50.00 only for Practical Physical Performance Test code 032), payable by card in the official 2–17 April 2026 window, with exemptions for specified groups.

Who can sit this examination?

Final-year student or graduate of a Cyprus public secondary school (lyceum cycle), the English School Nicosia, a licensed private school, or an equivalent foreign upper-secondary school (with certification), within Examinations Service nationality/residence rules. Applications are electronic; un-promoted final-year students with 135+ absences are excluded.

Why is the practice bank in English?

OpenExamPrep publishes one English-language practice URL per exam. Where the tested skill is another language, stems/options may retain that language while explanations stay in English. The bank is not an official translation of the Greek (or other) exam environment.

How should I use this bank with official materials?

Use the bank to diagnose weak syllabus areas, then switch to Θέματα - Λύσεις and the official specification on panexams.moec.gov.cy for timed written, drawing or performance practice that this bank does not simulate.