1
AS Level Economics Examination
2025
STUDENTS NAME
STUDENTS NUMBER
DATE
SECTIONS MARKS
A 60
B 60
TOTAL 120
Time allowed: 2 hours 30 minutes
Total marks: 120
Instructions to Candidates
1. Answer all questions.
• Section A: Multiple Choice, Short Answer,
Structured Questions
• Section B: Extended Essays & Case Studies
2. Write your answers clearly.
,2
3. Use black or blue ink.
4. Accuracy of economic knowledge, clarity
of explanation, and use of diagrams will be
assessed.
5. Diagrams must be fully labelled.
Grade Marks Range Percentage
A 96–120 80–100%
B 84–95 70–79%
C 72–83 60–69%
D 60–71 50–59%
E 48–59 40–49%
U (Ungraded) 0–47 Below 40%
,3
Section A: Core Economics (60
marks)
Part 1: Multiple Choice (10 questions, 10
marks)
Each = 1 mark.
1. Which of the following is a factor of
production?
A. Money
B. Labour
C. Profit
D. Technology
2. Opportunity cost is best defined as:
A. The cost of production
B. The value of the next best alternative
C. The monetary cost of a good
D. The sunk cost
3. Which market structure has many firms,
identical products, and free entry?
A. Monopoly
B. Oligopoly
C. Perfect competition
, 4
D. Monopolistic competition
4. Which of the following is a merit good?
A. Cigarettes
B. Education
C. Alcohol
D. Gambling
5. Which policy is used to control inflation?
A. Expansionary fiscal policy
B. Contractionary monetary policy
C. Supply-side policy
D. Deregulation
6. GDP measures:
A. Total income of households
B. Value of all goods and services produced
C. Government spending only
D. Exports minus imports
7. Which curve shows the trade-off
between inflation and unemployment?
AS Level Economics Examination
2025
STUDENTS NAME
STUDENTS NUMBER
DATE
SECTIONS MARKS
A 60
B 60
TOTAL 120
Time allowed: 2 hours 30 minutes
Total marks: 120
Instructions to Candidates
1. Answer all questions.
• Section A: Multiple Choice, Short Answer,
Structured Questions
• Section B: Extended Essays & Case Studies
2. Write your answers clearly.
,2
3. Use black or blue ink.
4. Accuracy of economic knowledge, clarity
of explanation, and use of diagrams will be
assessed.
5. Diagrams must be fully labelled.
Grade Marks Range Percentage
A 96–120 80–100%
B 84–95 70–79%
C 72–83 60–69%
D 60–71 50–59%
E 48–59 40–49%
U (Ungraded) 0–47 Below 40%
,3
Section A: Core Economics (60
marks)
Part 1: Multiple Choice (10 questions, 10
marks)
Each = 1 mark.
1. Which of the following is a factor of
production?
A. Money
B. Labour
C. Profit
D. Technology
2. Opportunity cost is best defined as:
A. The cost of production
B. The value of the next best alternative
C. The monetary cost of a good
D. The sunk cost
3. Which market structure has many firms,
identical products, and free entry?
A. Monopoly
B. Oligopoly
C. Perfect competition
, 4
D. Monopolistic competition
4. Which of the following is a merit good?
A. Cigarettes
B. Education
C. Alcohol
D. Gambling
5. Which policy is used to control inflation?
A. Expansionary fiscal policy
B. Contractionary monetary policy
C. Supply-side policy
D. Deregulation
6. GDP measures:
A. Total income of households
B. Value of all goods and services produced
C. Government spending only
D. Exports minus imports
7. Which curve shows the trade-off
between inflation and unemployment?
