Tutor2u IB Economics Revision Quizzes 2010
Quiz 1: Introduction to Economics
1. Define microeconomics [2]
2. What is the basic economic problem? [2]
3. Define opportunity cost [2]
4. What is the difference between a free good and an economic good? [2]
5. List the four factors of production [4]
6. What is a command economy? [2]
7. Use PPF to explain the concept of opportunity cost [4]
8. Use a PPF to illustrate economic growth [2]
9. Using an example explain what is meant by a positive statement in economics [2]
10. Using an example explain what is meant by a normative statement in economics [2]
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