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CA Foundation Economics — practice by topic

Browse 219 questions across 7 Economics topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Economics topics

Unit 1A: Scarcity, Choice and Opportunity Cost (52)Unit 3: Production, Cost & Perfect Competition (52)Unit 2A: Demand, Supply and Market Equilibrium (42)Theory of Consumer Behaviour & Demand (34)Unit 5: Factor Markets & Resource Allocation (22)Unit 4: Imperfect Competition & Market Structures (15)Theory of Demand & Elasticity (2)

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The law of demand states that, other things equal, as price rises, quantity demandedRead the answer and worked solution →In perfect competition, a firm is aRead the answer and worked solution →Marginal cost is defined as theRead the answer and worked solution →Which is NOT a factor of production?Read the answer and worked solution →

Worked practice questions

The law of demand states that, other things equal, as price rises, quantity demanded

  1. rises
  2. falls
  3. stays the same
  4. becomes zero
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Correct answer: B. falls

Law of demand: price and quantity demanded are inversely related, ceteris paribus.

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In perfect competition, a firm is a

  1. monopolist
  2. price maker
  3. price taker
  4. price leader
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Correct answer: C. price taker

Under perfect competition there are many firms selling identical products, so each firm accepts the market price — a price taker.

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Marginal cost is defined as the

  1. total cost divided by output
  2. cost of the first unit
  3. fixed cost per unit
  4. addition to total cost from producing one more unit
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Correct answer: D. addition to total cost from producing one more unit

Marginal cost = ΔTotal Cost / ΔOutput — the extra cost of producing one additional unit.

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How to practise

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