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Most Important 40 Questions for Last Minute Revision in O Level Economics



1. What is meant by capital and identify two types of capital? Give examples.
2. Describe specialization and list its levels?
3. What are the features of a developing country?
4. Compare substitutes and complements? Give examples.
5. What are the advantages of forming a multinational?
6. What is meant by Price Elasticity of Demand?
7. What are the main roles of a trade union?
8. What are the reasons for wage differentials?
9. Distinguish between economies of scale and diseconomies of scale? List their types.
10. Compare Fixed cost and Variable cost? Give examples.
11. What is diversification? Give examples.
12. Why diversification is important for developing countries?
13. Describe the types of taxes?
14. Distinguish between Regressive and Progressive tax? Give examples.
15. Compare Perfect competition and Monopoly?
16. What are the advantages of Perfect competition?
17. Name the important economic policies?
18. What are the economic effects of increase in wages?
19. What are the economic effects of increase in interest rate?
20. What are the economic effects of increase in supply of goods?
21. What are the merits and demerits of inflation?
22. What are the merits and demerits of unemployment?
23. Describe Cost-push and Demand-pull inflation? Use diagrams.
24. What are the reasons for a deficit budget?
25. Compare visible export and invisible export? Give examples.
26. What are the effects of a higher working age group?
27. What are the economic effects of a higher ageing population?
28. What are the features of developed country?
29. Describe some barriers to international trade?
30. What are the reasons for international trade?
31. What are the reasons for protectionism?
32. What is inflation?
33. What factors affect the supply of goods?
34. Why Price Elasticity is helpful to producers?
35. What is meant by GDP?
36. Why it is important for GDP to grow?
37. What determines the size of a firm?
38. Why are small firms able to survive?
39. What are the reasons for the growth of firms?
40. Distinguish between direct and indirect tax? Give examples.

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