GCSE Economics MCQ

Android App Analysis and Review: GCSE Economics MCQ, Developed by CodeNest Studios. Listed in Education Category. Current Version Is 1.0.1, Updated On 03/09/2025 . According to users reviews on Google Play: GCSE Economics MCQ. Achieved Over 7 Installs. GCSE Economics MCQ Currently Has 1 Reviews, Average Rating 5.0 Stars

GCSE Economics MCQ is a comprehensive practice app designed to help students master key topics in Economics through Multiple Choice Questions (MCQs). Perfect for revision, exam preparation, and self-assessment, this app covers all major sections of the GCSE Economics curriculum with a clear focus on concepts, applications, and exam-style questioning.

Key Features

Extensive Question Bank – Hundreds of MCQs covering all GCSE Economics topics.

Exam-Oriented – Based on latest GCSE syllabus and question patterns.

Detailed Explanations – Understand concepts with clear and concise explanation.

User-Friendly Interface – Smooth navigation for quick practice and revision.

Topics Covered
1. Basic Economic Problem

Scarcity – Limited resources versus unlimited wants

Choice – Decisions between competing alternatives

Opportunity Cost – Next best alternative forgone

Factors of Production – Land, labour, capital, enterprise inputs

Production Possibility Frontier (PPF) – Efficiency, growth, trade-offs

Specialisation – Division of labour, increased productivity

2. Microeconomics: Markets and Prices

Demand – Relationship between price and quantity demanded

Supply – Producers’ willingness to sell at given prices

Equilibrium – Demand equals supply, price stability

Elasticity of Demand – Responsiveness to price/income changes

Elasticity of Supply – Producers’ responsiveness to changes

Government Intervention – Subsidies, taxes, price controls

3. Business Economics

Types of Firms – Sole traders, partnerships, corporations

Business Objectives – Profit, growth, survival, responsibility

Costs and Revenues – Fixed, variable, marginal, average

Economies of Scale – Cost advantages from large-scale production

Market Structures – Perfect competition, monopoly, oligopoly

Productivity – Output per worker or input measurement

4. Macroeconomics: National Economy

Economic Growth – GDP increase and development

Employment & Unemployment – Job creation vs. joblessness

Inflation – Rising general price levels

Balance of Payments – Exports, imports, current account

Circular Flow of Income – Household-firm money flows

Government Objectives – Growth, stability, equity, sustainability

5. Government and the Economy

Taxation – Direct, indirect, progressive, regressive taxes

Government Spending – Education, health, defense, welfare

Fiscal Policy – Taxes and spending to influence demand

Monetary Policy – Interest rates, money supply control

Supply-Side Policy – Innovation, productivity, deregulation

Redistribution of Income – Welfare transfers, inequality reduction

6. International Trade and Globalisation

Imports & Exports – Global exchange of goods/services

Free Trade – Trade without tariffs or restrictions

Protectionism – Tariffs, quotas, safeguarding industries

Exchange Rates – Currency values affecting competitiveness

Globalisation – Interdependence of world economies

Trade Blocs – EU, NAFTA, ASEAN economic cooperation

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