Ib economics review

Which of the following is not within the scope of economics

• Resource allocation

• Scarcity

• Building a successful business

• What production should take place

What is the fundamental economic problem faced by all countries?

• Inflation

• Unemployment

• Scarcity

• Economic recession

Which of the following is not a basic economic problem that an economy must strive to solve?

• Deciding what goods and services to produce

• Determining the most efficient method of production

• Deciding what ought to be the priority of the government

• Deciding for whom the production of goods should be produced

Which of the following is not a fundamental economic question?

• For whom production should take place?

• What production should take place?

• Why production should take place?

• How production should take place?

• A

• B

• C

• D

• A

• B

• C

• D

• A

• B

• C

• D

For the law of demand, as price rises, what happens to quantity demanded?

• it goes up
• it goes down
• it stays the same
• it is not effected

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

The diagram represents a

• increase in demand
• decrease in demand
• change in quantity demand
• none of the above