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Key Facts: A-Level Economics Exam

A*-E

Grading scale

Ofqual

May-June

Exam series

AQA, Edexcel, OCR timetable

3 boards

Specifications available

AQA, Edexcel, OCR

100

Free practice questions here

OpenExamPrep

AQA, Edexcel, OCR A-Level Economics is assessed through linear end-of-course exam papers (Year 13). Coverage spans microeconomics, macroeconomics, international economics, and grading uses the A*-E scale on 2026 specifications.

Sample A-Level Economics Practice Questions

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

1A 10% rise in the price of cinema tickets causes quantity demanded to fall by 15%. What is the price elasticity of demand (PED)?
A.-0.67, inelastic
B.-1.5, elastic
C.+1.5, elastic
D.-0.15, inelastic
Explanation: PED = %change in Qd / %change in P = -15% / +10% = -1.5. Since the absolute value exceeds 1, demand is price elastic, meaning quantity demanded falls more than proportionally to the price rise.
2A firm sells a product with price elasticity of demand of -0.4. If it raises price by 5%, what happens to total revenue?
A.Falls by approximately 5%
B.Rises by approximately 3%
C.Stays unchanged
D.Falls by approximately 2%
Explanation: Demand is inelastic (|PED|<1), so a price rise increases revenue. Quantity falls by 0.4 x 5% = 2%, while price rises 5%, giving an approximate net revenue gain of about 3%. Firms with inelastic demand can raise revenue by raising prices.
3Income elasticity of demand (YED) for own-brand supermarket bread is calculated to be -0.6. What does this indicate?
A.A normal necessity good
B.A luxury good
C.An inferior good
D.A Giffen good only
Explanation: A negative YED means demand falls as real incomes rise — characteristic of an inferior good. Consumers switch to higher-quality substitutes (branded or artisan bread) as incomes grow, which is typical for own-label staples.
4Cross elasticity of demand (XED) between Pepsi and Coca-Cola is most likely to be:
A.Large and negative
B.Zero
C.Large and positive
D.Small and negative
Explanation: Pepsi and Coca-Cola are close substitutes, so a rise in the price of one shifts demand to the other. XED for substitutes is positive, and for close substitutes the value is relatively large.
5Which factor would make the supply of North Sea oil more price inelastic in the short run?
A.Long lead-times to drill new wells
B.Many idle rigs that can be re-activated quickly
C.Existence of close substitutes
D.High stocks held in storage
Explanation: PES depends on how quickly producers can change output. Oil extraction requires years to permit, drill and bring new fields on stream, so short-run supply is highly inelastic. AQA and Edexcel both stress time, spare capacity and stocks as PES determinants.
6In a competitive market, equilibrium price falls and equilibrium quantity also falls. Which single shift best explains this?
A.Demand curve shifts left
B.Supply curve shifts left
C.Demand curve shifts right
D.Supply curve shifts right
Explanation: If demand shifts inward (left), the new equilibrium has both lower price and lower quantity. This is the diagrammatic result every A-Level student must master: trace the new D curve along the unchanged S curve.
7Which of the following best describes consumer surplus?
A.Profit retained by the producer
B.Difference between what consumers are willing to pay and what they actually pay
C.Tax revenue collected by the government
D.Excess supply over demand
Explanation: Consumer surplus is the welfare gain from buying at a market price below the maximum willingness to pay. Graphically it is the triangle below the demand curve and above price, used widely in welfare analysis at A-Level.
8Which is the best example of a Veblen good?
A.Tap water
B.Hermes Birkin handbag
C.Supermarket own-brand pasta
D.Petrol
Explanation: Veblen goods derive utility from conspicuous consumption — a higher price signals status, so demand can rise with price. The Hermes Birkin, with year-long waiting lists and prices over £10,000, is the canonical real-world example.
9Total revenue is maximised at the output where:
A.Marginal revenue equals zero
B.Price equals marginal cost
C.Average cost is minimised
D.PED equals zero
Explanation: Total revenue peaks when MR = 0; beyond that point each extra unit reduces total revenue. At this point PED equals -1 (unit elastic), a key link Edexcel and AQA test repeatedly.
10Which is most likely to make the demand for a good more price elastic over time?
A.The good becoming more habit forming
B.Wider availability of substitutes
C.The good taking a smaller share of income
D.Stronger brand loyalty
Explanation: The number and closeness of substitutes is the leading determinant of PED. As alternative options emerge — for example, electric vehicles for petrol cars — consumers can switch in response to price changes, raising elasticity.

About the A-Level Economics Exam

A-Level Economics is offered by AQA, Edexcel, OCR as part of the UK A-Level qualification framework. The course covers microeconomics, macroeconomics, international economics, the financial sector and is assessed primarily through written exam papers at the end of the two-year course.

Exam sponsor: AQA, Edexcel, OCR. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Questions

100 questions

Time Limit

5-7 hours total across multiple papers

Passing Score

Grade E is the minimum pass, Grades A*-E count as a pass (A*-A-B-C-D-E)

Exam / Certification Fees

£75-£130 per subject (school-set entry fee)

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.

Core

Microeconomics

Demand and supply, elasticity, market failure, government intervention, externalities, public goods

Core

Macroeconomics

Aggregate demand and supply, growth, inflation, unemployment, balance of payments, exchange rates

Core

Business Economics

Costs, revenues, profits, perfect competition, monopoly, oligopoly, contestable markets

Core

Labour Markets

Demand and supply of labour, wage determination, trade unions, government intervention, inequality

Core

International Economics

Trade, protectionism, exchange rates, balance of payments, globalisation, economic development

Core

Financial Markets

Functions of money, financial markets, central bank, banking regulation, financial crises

Preparing for the A-Level Economics Exam

What You Need to Know

  • Passing score: Grade E is the minimum pass, Grades A*-E count as a pass (A*-A-B-C-D-E)
  • Exam length: 100 questions
  • Time limit: 5-7 hours total across multiple papers
  • Exam / certification fees: £75-£130 per subject (school-set entry fee) 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

A-Level Economics: Suggested Study Strategy

1Use past papers from your specific exam board — questions follow the same style year on year
2Time yourself on full papers to build pacing for the long extended-response questions
3Build a clear understanding of mark schemes — examiners reward specific assessment objectives
4Review examiner reports each summer; common errors repeat

Frequently Asked Questions

What exam boards offer A-Level Economics?

A-Level Economics is offered by AQA, Edexcel, OCR. All boards follow Ofqual subject content but vary in the choice of set texts, optional topics, and paper structure.

When is the A-Level Economics exam taken?

Exams are written in the May-June series at the end of the two-year linear A-Level course. Most students sit the papers in Year 13.

How is A-Level Economics graded?

A-Levels are graded A*-E. A* is the highest grade and E is the minimum pass. UCAS tariff points are awarded for A-Level grades on most university applications.

How many papers does A-Level Economics have?

Most A-Level subjects have 3 written papers. The exact number, timing, and weighting depend on the chosen exam board. Some subjects also include a non-examined assessment (NEA) coursework component.