Unit 1: Multiple choice quiz
1. What is the basic economic problem?
2. What is opportunity cost?
3. What are the four factors of production?
4. The construction of a new highway is an example of an increase in an economy’s:
5. One of the basic economic questions is:
6. A potential opportunity cost of attending university after completion of the IB diploma for most students might be:
7. What is a free good?
8. Which of the following is a positive economic statement?
9. Economics is the study of:
10. A resource is scarce if supply exceeds demand at zero price. This statement is:
11. Which of the following would be considered a rational decision by an economist?
12. Economic concepts and theories are expressed with the assumption of:
13. In economics, models are:
14. Which of the following is a central theme used to study economics in the IBDP?
15. Which of the following goods is likely to have the greatest rate of diminishing utility:
16. Scarcity is the concept that:
17. Who is considered the founder of modern economics?
18. Use the diagram below to answer the questions 18-20
Point G is ________
19. Use the diagram to answer the question. Point B is _________
20. Use the diagram to answer the question. Point F is __________
Available as a PDF file at: Introduction to economics