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 __________


Total Score:

Available as a PDF file at: Introduction to economics

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